New York Ethical Business Practices and Legal Matters

When large sums of money and homes are involved, the likelihood of being involved in litigation increases significantly. As a result, a seemingly small misunderstanding can blossom into a large-scale disagreement, causing hurt feelings and loss of trust in the licensee. Litigation is expensive for all parties concerned and takes an immeasurable toll on people. Nonetheless, the court dockets are overloaded with increasing numbers of lawsuits. Consequently, real estate licensees are required to practice within the guidelines of many federal and state laws. You should do everything possible to protect your clients, customers, and the public and to avoid litigation or censure.

Real estate licensees have a duty to protect the public against fraud, misrepresentation, and unethical practices and should be expected to maintain high standards of professional conduct in their dealings with the public and with other licensees. It is equally important to avoid any activities that give the appearance of impropriety even if they are not specifically illegal. The public has a right to expect proper professional expertise whenever they interact with a real estate licensee.

In this course, we will review some basic concepts related to ethics, including a discussion of fraud. We will examine federal antitrust laws that are intended to protect the public from illegal practices that would hinder their right to choice in the marketplace. Finally, we will have a brief discussion about protecting the privacy and identity of consumers.