The other area that may lead you into trouble is noncompliance with RESPA laws. RESPA is the Real Estate Settlement Procedures Act, which designates how a lender or title company can provide benefit to real estate agents. In general you may not accept contributions or gifts from title companies or lenders. The rules are too complicated and ever-changing to completely outline here, but you may learn more about RESPA at www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm.

Chances are, most transactions will be a positive experience for all parties involved and after the sale you will be fielding questions and helping your clients settle in. You will be receiving referrals and taking time to thank the people you have been working with. Sometimes there will be glitches. By practicing full disclosure and full documentation, keeping good financial records, treating everyone honestly, and by not acting in a discriminatory manner, you can keep glitches from becoming lawsuits. More important, these behaviors are the keys to good business practice and by using them, you will build a reputation that continues to generate new and repeat business.