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Minnesota’s AG asserts that recommending a home warranty without disclosing a financial interest is a violation of fiduciary duty.
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Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: Minnesota’s AG asserts that recommending a home warranty without disclosing a financial interest is a violation of fiduciary duty.
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While affordability is a perpetual problem in the real estate market, the cost of owning a home doesn’t end at the closing table or with the monthly mortgage statement. Unforeseen repairs and replacements can make the cost of owning a home skyrocket and contribute to buyer’s remorse.
To plan for the unexpected, many buyers purchase — or ask sellers to provide — a home warranty, at least for the first year or two of homeownership. Yet those warranties themselves may be worth less than expected, especially when the fine print ensures that most claims will be refused.
As a fiduciary for your clients, it’s vital that your representation and advice are in their best interest financially. Is that even possible when it comes to marketing a product that may not pass muster and in which you have an undisclosed financial interest?
On Nov. 19, Minnesota Attorney General Keith Ellison announced a settlement with Berkshire Hathaway-affiliated brokerage Edina Realty to resolve claims that the company advertised Home Security of…
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