When representing buyers and sellers, one of the most important things a real estate licensee does is to prepare and review offers for them by filling in the blanks of promulgated forms.
In order to be knowledgeable, as required by the Cannons of Professional Ethics, it is necessary for licensees to not only know what goes in the blanks but what is in the pre-printed portion of the contact.
Licensees may not give legal advice and must advise the parties to seek help from their own attorney if a question arises regarding legal rights or remedies.
Licensees can, however, point out to the parties the verbiage in the contact form. To fulfill that roll, licensees must be completely familiar with the forms.
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