Two New Rules Impacting Realtors


John McCain visited Payson for a town hall when he was running for Senator.

Someone in the audience asked him, “Senator, can you name one thing in our lives that is not regulated by government?”

We are still waiting for an answer.

Every aspect of the home ownership process is heavily regulated.

It seems that every year more and more regulation is added to the point where it is impossible to know every rule on the books.

Things were much easier in ancient times.

Hammurabi was the sixth king of Babylon and lived from 1792 to 1750 BC.

Under his rule, there were only 282 rules under his code of law, of which six applied to building. They included:

  1. If a builder has built a house, and finished it, he shall pay him a fee of two shekels of silver, for each 12 square foot.

  2. If a builder has built a house, and has not made his work sound, and the house he built has fallen, and caused the death of its owner, that builder shall be put to death.

  3. If it is the owner’s son that is killed, the builder’s son shall be put to death.

  4. If it is the slave of the owner that is killed, the builder shall give slave for slave to the owner of the house.

  5. If he has caused the loss of goods, he shall render back whatever he has destroyed.

  6. If a builder has built a house for a man, and has not keyed his work, and the wall has fallen, that builder shall make that wall firm at his own expense.

Pretty simple, and you can bet the house was built to a high standard.

Last week we received two new regulations from the Federal Trade Commission’s Office.

In a nutshell, appraisers and lenders may not have any communication.

This is unfortunate because in most of the world, communication helps solve challenges.

The second new rule involves real estate agents.

Real estate agents may no longer give out lenders’ interest rate sheets without a disclaimer that says you cannot rely on the information we are giving buyers.

It makes me think maybe Hammurabi had it right after all.

Ray Pugel is a broker with Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.


Use the comment form below to begin a discussion about this content.

Requires free registration

Posting comments requires a free account and verification.