To reduce potential liability, in which area should real estate professionals not provide expert information.

Question

To reduce potential liability, in which area should real estate professionals not provide expert information.

Knowing how to market real estate business?
knowing of market conditions?
knowing the income tax implications?
knowing of property transfer?

Answer 1

Hi Abin,

 

Knowing the income tax implications and property transfer require tax and legal training. My first choice is real estate experts should not provide advice or information on property transfer. Property transfer is one of the more difficult subjects to understand, and may require a law degree, or JD to be considered a legal expert in property transfer (by state and federal laws).

 

My second choice would be regarding not giving advice for tax implications, because a real estate professional has to be knowledgable and trained in state and federal tax laws. Tax laws can vary from state to state in the U.S., and they can change annually.