Real Estate Ethics and Fraud
Introduction
Good ethics is a key necessity in any given profession. Ethics takes into account a system of moral guidelines governing the suitable conduct and actions of an individual or a group. Notably, ethical standards are centered on an individual’s belief of what is right and what is wrong versus the legal benchmark, which is basically, what is written down in law. In essence, ethics can be explained as the moral principles and criteria that steer individuals on what they ought to do and ought not to do. Chiefly, the law orders what persons is and is not permitted to do. Sustaining good ethics is being in line with the principles of correct moral conduct in an incessant manner (Walker and Ivanhoe, 2007).
In spite of the requirement for all real estate professionals to be ethical, real estate fraud is a reality. Real estate fraud takes into account when an individual or an entity partakes in the misrepresentation or utilization of fabricated information to take advantage of a different party in the course of a real estate sale or purchase. It is imperative to note that majority of the fraud cases in real estate encompass some sort of mortgage loan fraud, which is deemed to be poor lending practices (Pivar and Harlan, 1995).
One of the key aspects of real estate ethics and fraud is poor lending rates. Predatory loan practices as they are better known take into account when a lender undertakes abusive lending practices by not permitting consumers to gain accessibility to mortgage credit equitably. Clients are handed a loan for which they end up paying significantly more than they ought to and this could place the consumer’s home at risk of foreclosure owing to the reason that they are unable to...
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