Contractual compliance is something that is expected of any real estate brokerage firm. In this age of technology, compliance has even become more complex. It has to be standardized and fast. When it comes to audits, some U.S. states select brokers at random; others prefer to do this for every broker each year. In any case, the aforementioned type of real estate professionals must ensure that there is no negligence toward contractual obligations.
The Reality of Compliance and Audits
Audits are a reality, and it is vital that each broker gets as much help as possible to remain compliant. When a complaint is made regarding the actions (or inactions) of a broker, the state board reviews the process and determines whether there has been any breach. If a violation is detected or if the broker cannot provide a solid document compliance trail, a fine is usually issued. In some cases, the broker loses his or her license.
How Propy Helps with Compliance Needs
Propy’s technology can provide the help that brokers need. Propy takes pride in its platform’s compliance with the law. With blockchain technology and smart contracts, the system guarantees the security and safety of records and extensive document trails.
Large transactions demand high levels of trust that only transparency can bring. Propy helps to ensure compliance by offering transparency and real-time updates on real estate transactions. The updates allow brokers to obtain access to accurate information with speed.