There are 2 issues that impact licensed professionals (real estate, law, medical, financial etc) when answering questions on a public forum. 1) The State regs that govern activity in the State where the person asking the question lives or the area they are inquiring about. 2) RESPA, HUD, Fair Housing etc are federal guidelines and applies to all. As I said in my earlier comment, speaking to YOUR client in person, on the phone etc is not what I am talking about. When anyone offers advice or answers questions in newsprint or on a public social web-site, or quotes interest rates on a personal web-site, on-line social networking, blogs, forums or whatever, you are not talking to YOUR client anymore. When you answer questions on these public forums, blogs or in e-mails to people you don't know and your answers become specific and are not generalities, your/ our answers become questionable with regard to the defined guidelines regarding such.
NAR has published several articles warning of the protocol that should be maintained on the internet. The Governing agencies are going crazy trying to police all of the areas and trying to even establish or re-write laws to restrict certain activities.
My comment was not directed specifically at you but to warn all that there is great liability (beyond the State and Federal laws) when someone asks questions and we give advice to people in areas where you are not licensed in. There are a few case histories already. Enough said.
However, I am still not clear on how telling a potential buyer what their payment would be is in violation of any laws. Perhaps I need to go back and check with the laws of my state to get clarification. If you have the RESPA quote that says we are not allowed to give this information, I would appreciate seeing it. And being that I am from Wisconsin, I would think that I am governed by Wisconsin, not New York.
At any rate, one plus one is still two regardless of what state you are in, so the numbers would not change regardless of which state one is in. I appreciate your comments and I will look into this further because, as I said, I do not wish to cross any lines or even go near a gray area. I am normally a real stickler when it comes to following the rules.
Thanks for your response.
But just looking at $100,000.00:
Interest at 4.75% $521.65
And so on. These figures are based on a 30 year. Now you still need to add to that the property taxes and insurance.
Hope that helped.