Is an Office Schedule B Important? $10,000 Fine Says So

Reco Case Study – Schedule B Clauses – Advertising

Our Office Schedule B is a Mandatory Form that must accompany all our Listing Offers.   Every Real Estate Office will have its own version.

If we are the Listing Brokerage – Reco states You Must Use Our Mandatory Schedule B

If you are acting as a Buyer Agent and a Listing Brokerage states they don’t have a Schedule B in their office, that’s fine – we are only responsible for our own Listings.   We do recommend you try and insert the Advertising clause in case you wish to blog or advertise the sale as a buyer broker.

There is a reason Schedule B’s are important – here is one of them:

RECO fine – $10,000  – Overview of the Case

Agent prepared an Agreement of Purchase and Sale on a property with Schedule B and clause with permission to advertise the sale of the property.

During the course of negotiations, the clause for permission to advertise was deleted.

Agent, however, distributes advertisements stating the sale of the property as having been “Sold in 7 Days” and “Sold Over Asking 114%”   See Case Result Below:

Sample Office Schedule B.   
More clauses can be added, we are just covering the basic mandatory clauses below

If you need help with attaching your schedule B or where to locate the document, please don’t hesitate to call our office!

416-896-3333

www.SuttonRealty.com

Real Estate Listing Advertisement – Is It Always Accurate?

The answer is yes, any information used in an advertisement or listing should always be accurate. Realtors, brokers & brokerages have an obligation to provide truthful claims in their advertisements, otherwise, it should be excluded from the listing. Buyer reps should also take the time in confirming the accuracy of said listing advertisements and to fix any mistakes if they are to be found.

RECO uses a strong Code Of Ethics that prohibits brokerages and employees from running false advertisements. If you believe that a listing was untruthful, you can submit a complaint to RECO. Just be aware that most statements used in advertising are meant to be an exaggeration (i.e “this condo has the best amenities in the universe!”). False statements can range from the square footage being estimated, incorrect property tax numbers, claiming a linked townhome is “detached” or any type of misrepresentation of specific features that a buyer would find important.

All in all, whether you’re buying or selling a home, it’s the best idea to work with a registered real estate agent. Salespeople and brokers know the ins and outs of what is acceptable in the real estate industry, and they exercise their job with due diligence.

Have Questions About Buying Or Selling A Home? Give Sutton A Call Today.

We Have Fabulous Agents Waiting To Help Answer Every Question & Give You Peace Of Mind! 

Sutton Group Realty Systems

416-896-3333 / 905-896-3333

www.SuttonRealty.com

 

Sutton Realty’s 2019 Business Plan Workshop

 

For those who attended yesterday’s webinar, 2019 Business Planning Workshop, thank you for joining us! 

We appreciate your time and hope you enjoyed it.

Check your emails for your free success plan package and video re-cap!

-Sutton Realty Office Staff