Category: News

Bay East urges members to stay alert as new and evolving fraud schemes continue to impact the real estate profession. From devastating cryptocurrency scams to a rise in deed fraud, these threats underscore the importance of vigilance and awareness in your daily business practices.

Members should be aware of recent fraudulent practices targeting real estate professionals.

A new cryptocurrency scam has emerged, specifically aimed at agents. The U.S. Secret Service has notified organized real estate of this scheme, in which some agents have lost significant sums—including their entire retirement accounts.

Deed fraud is also on the rise. An informal survey conducted by NAR among Government Affairs Directors, state counsel, and Association Executives found:

  • 63% of respondents were aware of deed fraud incidents in their markets within the past 12 months.
  • 76% reported that efforts to combat title fraud and deed theft are in place, primarily through internal REALTOR® association policies and state-level legislation.
  • 83% believe that an electronic notification system for property owners is the most effective solution.

As these scams grow in sophistication, it’s critical for members to remain informed and take proactive steps to protect themselves and their clients.

Visit NAR’s article for more information – https://www.nar.realtor/research-and-statistics/research-reports/deed-and-title-fraud-survey

NAR members are encountering deceptive mailers that mimic invoices for domain registration and renewal. These communications are not from NAR and have no bearing on your .realtor or .realestate domain registration. This scam aims to trick people into sharing personal or financial details. Members should report these mailers to the Federal Trade Commission, Internet Crime Complaint Center and state consumer protection offices. For further guidance on protecting personal information and online safety, check out NAR’s Data Security and Privacy Toolkit. Other concerns? Contact NAR Member Support at 800-874-6500 or via live chat or email.

As of August 17, the “class notice” has likely begun reaching consumers. Real estate professionals should be prepared to respond to inquiries.

This notice is part of a court-approved process informing home sellers (who sold a home through an MLS in the U.S. during the eligible dates and paid a commission) about NAR’s proposed settlement of the Sitzer-Burnett case. Notices are being sent via mail and electronically, outlining the rights and options available to class members.

Consumers might have already received notices from other brokerage settlements, but this one specifically addresses NAR’s settlement.

It’s important to note that NAR does not manage the class notice process. If consumers have questions, direct them to the settlement website or the settlement administrator at 888-995-0207. NAR members should avoid providing further advice on the matter.

NAR has a new guide about what must be included in a buyer agreement and have updated the information about steering in questions 46-49 and listing agreements in questions 50-53 in their settlement FAQs.

The California Association of REALTORS® is speaking up about changes that are coming to the real estate profession by publishing a letter to the editor in major newspapers and launching a new series of television ads you can see here.

The NAR Buyer’s Agent Toolkit has resources including social media posts, video concepts, and printed materials, to show your clients how much value and relevance you bring to the homebuying process.

REALTOR.COM is launching a national campaign to promote how agents help their clients before, during and after the homebuying process.  More information and resources for your marketing activities are here. 

NAR is correcting the record about the proposed settlement to resolve nationwide claims brought by home sellers.

C.A.R. has new information about how real estate practices may be changing in response to the proposed NAR class action lawsuits settlement.

NAR has announced that Fannie Mae and Freddie Mac confirmed that buyers whose agent is compensated by the seller can access financing through those institutions.