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<\/a>1. Questions that breach real estate associations\u2019 codes of ethics<\/h2>\n
Nearly three-quarters of licensed real estate agents<\/a> in the U.S. are members of the National Association of Realtors (NAR)<\/a> either directly or through their local chapter. These real estate associations require their members to abide by a code of ethics that promotes honesty and excellent client service.<\/p>\n For instance, NAR\u2019s Code of Ethics and Standards of Practice<\/a> stipulates that agents must be \u201chonest and truthful in their real estate communications\u201d and never conceal the fact that they are real estate professionals.<\/p>\n While these rules are in place for the benefit of both sellers and buyers, some of them explicitly limit your agent\u2019s capacities. The document states that \u201cRealtors\u00ae shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client.\u201d<\/p>\n Here are a few of the things that NAR prevents their member agents from doing:<\/p>\n \u201cThere\u2019s certain things that I don\u2019t know or can\u2019t say too much about because they are a conflict of interest,\u201d shares Ruth Wordelman<\/a>, a top Colorado real estate agent and licensed attorney under the Colorado Bar Association.<\/p>\n While your real estate probably knows a fair amount about the legal aspects of selling a home, they cannot provide you with legal advice as this would constitute an \u201cunauthorized practice of law<\/a>\u201d which is prohibited by state law<\/a>.<\/p>\n Every U.S. state has its own statutes regarding the unauthorized practice of law, and the severity of the charges for doing so can range from a misdemeanor to a felony. However, the definition of what constitutes unauthorized practice of law only varies slightly<\/a> between jurisdictions. Per the Santa Clara law review, the generally accepted definition<\/a> of the practice of law is \u201clegal advice and counsel and the preparation of legal instruments and contracts by which legal rights are secured.\u201d<\/p>\n Since your real estate agent is not working for you as a licensed attorney, they legally cannot advise you on specific legal matters and cannot prepare legal documents required to sell your home.<\/p>\n \u201cIt\u2019s a very slippery slope,\u201d warns Wordelman.<\/p>\n \u201cA Realtor\u00ae can say what\u2019s typical, and can answer general questions about home-selling contracts, but agents should definitely refer clients to legal experts for more in-depth questions about their specific situation.\u201d<\/p><\/blockquote>\n Here are a few examples of legal questions a real estate agent can\u2019t answer:<\/p>\n Instead, direct these questions to a real estate attorney. Depending on your state<\/a>, you may even be required to have an attorney present at closing. You can find a real estate lawyer near you with an online directory such as Avvo<\/a>. The site includes ratings and reviews of lawyers, so you can know for certain that you\u2019re hiring the best person to answer your legal questions.<\/p>\n Your real estate agent can\u2019t answer requests that would violate the Fair Housing Act<\/a>, a federal law that prohibits discrimination in the sale or rental of housing.<\/p>\n The Fair Housing Act states that it\u2019s \u201cunlawful to refuse to sell or rent after the making of a bona fide offer or to refuse to negotiate for the sale or rental of, or otherwise make unavailable or deny, a dwelling to any person because of race, color, religion, sex, familial status, or national origin.\u201d<\/p>\n On top of the federal fair housing laws, states also set additional regulations. Depending on your state<\/a>, these laws may also prohibit discrimination on the basis of:<\/p>\n To remain compliant with the Fair Housing Laws, your real estate agent will always default to the most conservative answer when you ask them questions about deciding who you sell your home to. For this reason, the following questions are better left to real estate attorneys:<\/p>\n All of these questions directly or indirectly prompt your agent to give you advice about something that could potentially limit the availability of your home to a protected group. Ultimately, it\u2019s your decision to accept an offer or not, but you don\u2019t expect an agent to screen buyers based on any of the above criteria on your behalf.<\/p>\n In most states, sellers are required to disclose<\/a> any known material defects of their home to buyers. If you fail to disclose important details about your home, buyers may take legal action to hold you financially liable<\/a>.<\/p>\n Wordelman shares that real estate agents are trained to advise sellers to \u201cdisclose, disclose, disclose.\u201d For this reason, agents are usually required to err on the side of caution. Basically, this means that your agent is always going to advise disclosure when asked questions like:<\/p>\n Review your state\u2019s specific disclosure requirements<\/a> for more information on seller disclosures. If you require legal advice on a complicated disclosure issue, consult a licensed attorney.<\/p>\n Similar to legal advice, real estate agents are also unqualified to give you specific advice about the financial aspects of selling your property. While an agent can tell you your home\u2019s market value and whether or not it\u2019s a good time to sell, they can\u2019t tell you whether or not selling is the right financial decision for you or your family.<\/p>\n Direct questions like these to a financial advisor:<\/p>\n You can find a financial adviser through The National Association of Personal Financial Advisor<\/a> or a customer review website like Yelp<\/a> or Thumbtack<\/a>.\u00a0<\/a><\/p>\n Outside of these categories, real estate agents are ready to answer your biggest (and smallest) questions about your home sale.<\/p>\n Here are some questions that are great to ask your real estate agent:<\/p>\n\n
2. Questions asking for legal advice or practice<\/h2>\n
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<\/a>3. Questions soliciting answers that would violate the Fair Housing Act<\/h2>\n
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4. Requests to conceal known property issues with buyers<\/h2>\n
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<\/a>5. Questions asking for financial advice<\/b><\/h2>\n
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Now, for some questions your real estate agent can answer<\/h2>\n