BrokerageIndustry News

Another state moves toward minimum-service laws for real estate

Michigan legislation draws opposition

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Legislation proposed in Michigan specifies minimum services that real estate agents must perform for their clients when they enter into an exclusive agreement to serve those clients, riling some real estate professionals and consumer advocates who say the laws are unnecessary and potentially costly to consumers. Officials at the Michigan Association of Realtors, which is backing the proposals, say the legislation won't harm any real estate business models and is designed to simply spell out for consumers the services they are entitled to when they contract with a real estate agent. The legislative proposal – two bills that are packaged together so that both bills must pass or neither can pass – outlines minimum-service requirements in those real estate transactions that involve a fiduciary relationship between agents and their clients, said Robert Campau, vice president of public policy and legal affairs for the Michigan Association of Realtors. State law already allows f...