Real estate transactions are a target for sophisticated fraud scams and when the frauds succeed, oftenall the service providers are potential litigation targets. The National Association of REALTORS®
would like to identify providers that offer insurance for these threats and then compare the insurance offerings. Three different types of insurance coverages may be needed to protect the brokerage from these threats:
Errors & Ommissions/Miscellaneous Professional Liability
Julian Castro, the HUD Secretary, announced the release of new guidance on HUD’s interpretation of how the Fair Housing Act applies to policies that exclude people with criminal records. HUD says that private landlords who have blanket bans on renting to people with criminal records are in violation of the Fair Housing Act.
This new guidance utilizes a legal standard that was upheld by the United States Supreme Court last year that allows plaintiffs to challenge housing practices that have a discriminatory effect without having to show discriminatory intent. Federal officials say that this new guidance is intended to emphasize to landlords that blanket bans are illegal and to inform housing applicants of their rights.