I sure use to think that this was a real good thing. Many states do make it Mandatory that Realtors have E and O insurance. Consumer think that E and O insurance Protects them. I as a Broker Owner used to think that E and O insurance Protected My Real Estate Clients - Customer and Consumers. I was Flat OUT Wrong.
They Lobby to make sure that E and O insurance is mandatory and the E and O insurance providers are right there by the Realtors side, the Real Estate Commission of your state - hand in hand talking about the Consumer Protection benefits of Mandatory E and O insurance. Well the Real Estate Commission, they are home owners, they are consumers, they are parents and children and they want what is best for all those in their state.
They are SOLD on the idea of Mandatory E and O insurance protecting the Real Estate Consumer, and gee won't that be great. However, the E and O insurance Provider turns right around and tell the Realtor, the person working for your supposed best interest in the Real world of Real Estate, that it is NOT the Intention of E and O Insurance to Protect our Real Estate Clients. The Intentions seems to be to protect the Realtors from the Real Estate Consumer.
You know those time consuming lawsuits to pay for your kids medical over undisclosed MOLD issues, or those times you want to sue a Realtor for lying or for non-disclosure that has Life Safety issues and certainly those times when you lose everything because a Realtor Lied to You.
The E and O insurance Makes sure that the Realtor is protected to Go ahead and lie, and though state law may say that a Real Estate Agent Must Disclose all they know, well the Real Estate Attorney hired by the E and O insurance provider can keep you in court so long with all their VERY BIG money that you Give Up, you give in, you let the Realtor go by choice or necessity. They have so much money, especially with the REALTOR franchises behind them, and the NAR behind that - therefore the TRUTH well that is simply irrelevant.
In my home town Realtors Lie, SHOCKING... well ok you knew that but the thing is, they really do get away with deliberate lies and there really is no way to make a REALTOR pay for the damage they do.
SO when your State Makes the REALTORS get E and O insurance, when your State opts in for Mandatory E and O insurance, what they are really saying is that WE will take your real estate license from you unless you Get E and O insurance to Protect you FROM the Real Estate Consumer.
They are really saying that you, the real estate consumer have frivalous complaints against those innocent Realtors and you must be stopped from EVEN trying to hold the Realtor accountable for the lies they tell. More and More states seem to be adopting laws that actually making lying by Realtors legal.
They are saying ... You can't sue the Realtor, you knew going in that they were going to harm you and you Dumb Consumer you, you went ahead and used a Realtor so too bad you lose.
Seriously where will this Real Estate Consumer bashing end, I personally see no end in site. YOU need protection and the only real protection you have is knowledge.
Realtors are lying legally
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Mandatory E and O insurance forced on Real Estate Agents, Realtor in order to Protect them from you is really a Step too far. And the fact that the E and O insurance provider convinces State Real Estate Lawmakers to create and enforce these laws is a violation of your rights as a consumer and is bad for the real estate consumer in every sense of the word. These actions SHOULD be illegally, they are definately immoral and unethical. Why Do State Real Estate Boards go This far? I mean what do they really gain? Hmmmmm.. So many questions that will never truly be answered.
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