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I am thinking that if you are interested about a career in real estate, the focus should be on the positive aspects like what are the challenges or potential income like, how can you progress in this business and etc instead of looking into the aspects above. Read More

Q1: The coverage amount for professional indemnity insurance for Real Estate Salespersons (RES) can vary depending on the specific policies of the estate agency they are affiliated with. However, it typically covers a substantial amount to protect against liabilities arising from professional negligence, errors, or omissions in their services.

Q2: Both the Real Estate Salesperson (RES) and the estate agency can be subject to legal action from clients. Clients have the right to sue either or both parties if they believe they have suffered damages due to negligence, misrepresentation, or breach of duty during the real estate transaction.

Q3: Instances of Real Estate Salespersons being sued for providing incorrect advice or making mistakes in transactions do occur. These situations can potentially lead to civil lawsuits if the client believes they have incurred financial losses or damages as a result of the RES's actions or advice. It's crucial for RES to adhere to ethical standards, stay informed about industry regulations, and maintain accurate and transparent communication with clients to minimize the risk of legal disputes.

These questions provide valuable insights into the real estate industry, highlighting the importance of professionalism, ethical conduct, and risk management for Real Estate Salespersons. If you're considering a career in real estate, it's essential to thoroughly understand the responsibilities and potential liabilities involved and to continually update your knowledge and skills to provide quality service to clients. Read More

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