Like flying after an air disaster, this should be one of the safest times to conduct a real estate transaction. Irresponsible and predatory lending practices have been outed. So have scams that pulled in licensees and appraisers. Despite the devastation wreaked on the economy, discovering the truth in the adage about things that seem to good to be true is a wholesome and necessary correction.
Federal plans will mitigate some of the bloodletting. Scrutiny is tight, and it should be the rare client who falls victim to mortgage scams. But the market is tight as well, creating a sense of financial desperation for some in the real estate industry, including the shady characters who have a hard time making a living the honest way.
Prevention is the best recourse. Don't work with pushy people. If something feels wrong, object. If there's a problem you can't reconcile with the licensee, go to the broker...though, yes, sometimes the problem is with the broker. Your local Board of Realtors Association isn't authorized to pursue ethical violations on behalf of the public - only other Realtors can seek damages for ethical slip-ups. But statutory and regulatory violations should be brought to the attention of the state licensing agency. In Alaska, that's the Alaska Real Estate Commission (AREC). They have the power to suspend and revoke licensing. They also administer the surety fund, to which the public can make claims if they feel they've been damaged by the actions of a licensee.
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