• Tweet
• Email
• Sharebar

• Tweet
• Email

RESPA Do’s and Don’ts for Real Estate Brokers & Agents

From the Minnesota Association of Realtors

Real estate agents and brokers must comply with the Real Estate Settlement and Procedures Act (RESPA). Violators of RESPA face harsh penalties including triple damages, fines, and even prison. While many thing enforcement of RESPA has been lax, over the past 18 months HUD has stepped up it’s enforcement. HUD hired new staff and entered into contract with an investigation firm to conduct on-site reviews and monitor conformity with RESPA.

Please take a moment to review the RESPA Do’s and Don’ts on the Minnesota Association of REALTORS® web site: PDF, that explains RESPA, the Real Estate Settlement Procedures Act.  I suspect that if the general public had a better grasp of the rules real estate professionals would not get buy with breaking the law as often as they do.

I think it is important for cosumers to understand RESPA, I have been asked on more than one occasion to do somthing that is illegal.  I explain the rules and accept that home buyers and sellers don’t know them as well as I do.