Comments on: Naughty “North Fork, Long Island” Realtors, Part 2 http://optionsrealty.com/2007/06/29/naughty-north-fork-long-island-realtors-part-2/ North Fork Long Island NY Real Estate Blog Thu, 4 Dec 2008 05:39:01 +0000 http://wordpress.org/?v=2.3 By: laurie mindnich http://optionsrealty.com/2007/06/29/naughty-north-fork-long-island-realtors-part-2/#comment-177 laurie mindnich Wed, 01 Aug 2007 14:13:02 +0000 http://optionsrealty.com/2007/06/29/naughty-north-fork-long-island-realtors-part-2/#comment-177 Makes one want to pick up the phone and make a few calls, huh? LIBOR/mls need to be informed of specific "Realtor" practices; the DOJ needs a letter sent...I have some time today! Makes one want to pick up the phone and make a few calls, huh? LIBOR/mls need to be informed of specific “Realtor” practices; the DOJ needs a letter sent…I have some time today!

]]> By: Michael Daly http://optionsrealty.com/2007/06/29/naughty-north-fork-long-island-realtors-part-2/#comment-176 Michael Daly Wed, 01 Aug 2007 12:11:53 +0000 http://optionsrealty.com/2007/06/29/naughty-north-fork-long-island-realtors-part-2/#comment-176 You're absolutely right! MOST of the agents on the East End (only some of which are REALTORS) don't understand the concept of fiduciary responsibility - or do, and refuse to acknowledge it. It is common for brokers to limit the exposure of their clients listings in hopes of "selling it themselves". Right now, on the South Fork, every one of the dominant agencies is holding back listings from top exposure either by: 1- Not being a member of MLS 2- Being a member of MLS, but not putting many/most of their listings on it 3- Not co-broking certain listings with ANY other agency (without instructions from their seller), and/or 4- Only co-broking with some agencies in the market (without the instructions of their seller) as a way of restraining trade and starving competition. Asisde from being in violation of public trust (no wonder the public has such little trust in real estate agents/brokers) and a breach of fiduciary responsibilities, these practices are against the Realtor Code of Ethics, the NYSAR code of ethics, the NYS Department of State regulations and are the exact issues that the US Department of Justice and the FTC are monitoring and taking legal enforcement action on all over the US. Obviously, the have not made it to the East End of Long Ilsand, and when they do... You’re absolutely right! MOST of the agents on the East End (only some of which are REALTORS) don’t understand the concept of fiduciary responsibility - or do, and refuse to acknowledge it.

It is common for brokers to limit the exposure of their clients listings in hopes of “selling it themselves”.

Right now, on the South Fork, every one of the dominant agencies is holding back listings from top exposure either by:
1- Not being a member of MLS
2- Being a member of MLS, but not putting many/most of their listings on it
3- Not co-broking certain listings with ANY other agency (without instructions from their seller), and/or
4- Only co-broking with some agencies in the market (without the instructions of their seller) as a way of restraining trade and starving competition.

Asisde from being in violation of public trust (no wonder the public has such little trust in real estate agents/brokers) and a breach of fiduciary responsibilities, these practices are against the Realtor Code of Ethics, the NYSAR code of ethics, the NYS Department of State regulations and are the exact issues that the US Department of Justice and the FTC are monitoring and taking legal enforcement action on all over the US.

Obviously, the have not made it to the East End of Long Ilsand, and when they do…

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