Category: Traditional Real Estate Industry Greed & Deceit

Examples and discussion on how the traditional real estate industry operates on greed and deceit.

Not One Dollar More!

A new homebuyer book is out that every homebuyer in the US should read before even talking to a real estate licensee/salesperson – Not One Dollar More! – How to Save $3,000 to $30,000 Buying Your Next Home.      This is a new edition completely updated for 2018.  I had the privilege of helping to update the book for this latest edition.  The second edition was published 18 years ago.  Much has changed in […]

Home Buyers Beware!

Welcome!  Hi, my name is Tom Wemett.  I’ve been a licensed real estate broker since 1973 and an Exclusive Buyer Agent since 1992.  I’m licensed in New York State, Florida and Massachusetts.    There is a deliberate attempt by the traditional real estate industry in all three states to deceive real estate consumers.   This is to preserve the double-dipping of commissions for the in-house transaction.    They have done this by influencing and often […]

The Deception Continues

The Real Estate Trainer, an online training company, recently sent out an email promoting scripts to use to get home buyers to sign an “Exclusive Buyer Agency Agreement”.   The use of the terminology, “exclusive buyer agency” is deceitful at best and bordering on being a fraudulent act by trainers and the traditional real estate industry in Massachusetts and other states as well.   The concept of “exclusive buyer agency” is well-known in the industry as […]

From the Traditional Real Estate Industry – Silence!

I sent a question to the traditional real estate industry’s Massachusetts Legal Hot Line about the recently revised agency disclosure form that read, “Hi, I’m concerned about the revised disclosure.  It appears the structure didn’t change, just word changes.  It is very obvious now that a consumer can have a direct relationship with the brokerage, including all other affiliated agents, or directly with an individual salesperson or broker employed by the brokerage.  It would appear […]

Are you an Enlightened Agent or a Low-information Agent?

en·light·ened Adjective:  “Having or showing a rational, modern, and well-informed outlook.” Synonyms:  “Informed, well informed, aware, open-minded, broad-minded, educated, knowledgeable, wise.”   So are you an “enlightened agent” or as Ryan Fletcher, the author of “Defeat Mega Agents” refers to the traditional real estate industry licensee/salesperson, a “Low-information Agent”?  From Ryan Fletcher:  “It’s an unfortunate truth, but “The Guru Party,” made up of; the trainers, brokers & endless supply of coaches—and what they teach—are the […]

What Were They Thinking?

Or, perhaps they weren’t thinking or perhaps they were influenced by traditional real estate industry PAC money.  What am I talking about?  Massachusetts Legislation, Section 87AAA3/4: Real estate brokers and salesmen.  What were legislators thinking when this section of Massachusetts law passed and become part of the law governing real estate licensees?  Section 87RR predated Section 87AAA3/4 as far as I know and lays out the basics of how a real estate licensee operates.  Quoting […]

Real Estate Consumer Disclosure “Misleading”!

Massachusetts revised its Mandatory Real Estate Licensee-Consumer Relationship Disclosure on January 24, 2017.   The basics of the disclosure didn’t change, only the words and layout changed.  Rather than clarifying a consumer’s choice the form is even more confusing and harmful to consumers.  A .pdf copy of the Massachusetts Mandatory Real Estate Licensee-Consumer Relationship Disclosure is available here. Timing of the Presentation of the Disclosure is Too Late: Real estate companies in Massachusetts must disclose how […]

Designated Agency – Is It Fraud?

  The below comes from Douglas R. Miller, Esq. Founder and Executive Director of CAARE, Consumer Advocates in American Real Estate.  CAARE (www.caare.org) is a non-profit, 501(c)3 charity dedicated to exposing conflicts of interests in residential real estate and providing information, solutions and resources to consumers and others to help combat these problems. ================================================================================ Agents from the same brokerage firm cannot negotiate on behalf of buyers and sellers in the same transaction. Despite heavily lobbied […]

So What Went Wrong?

Ahhh, the demise of a once proud profession…. THE PAST: The real estate industry was never as greedy and deceiving as it is today.  Back in 1986 – From the NAR, National Association of REALTORS©, Publication (underlining is mine), “Who Is My Client?  A REALTORS® Guide to Compliance with the Law of Agency”:  “The legal concept of Agency with which this booklet is concerned is, however, beyond question the most fundamental of all the legal […]

Designated Agency Legislation Terribly Flawed – Part One

I just came upon some awesome historical presentations about how flawed the designated agency legislation was when it was proposed and passed in the late 1990’s.  These come from a not-for-profit consumer organization that is no longer in existence but shows just how convoluted this legislation was then and still is today.  The organization was known as Real Estate Agents for Real Agency.  It consisted of both buyer and seller agents who were concerned about […]

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