It drives me insane when realtors say “updated kitchen” when that update occurred 40+ years ago. I would bet that the original cabinets are still intact as are most of the appliances. That isn’t “updated” in my book. There oughta be a law…
As far as we know there aren’t any laws when it comes to listings, and perhaps nary a rule.
As we noted back in 2006 after we first exposed the practice of relisting to “refresh” an unsold property and its official days on the market (DOM):
The National Association of Realtors Code of Ethics provides that “Realtors shall be careful at all times to present a true picture in their advertising and representations to the public,” though Lucien Salvant, a spokesman for NAR, said that MLSs are not considered advertising vehicles.”
And as we wrote at the time, taking the position that “MLSs [and by extension their listings] are not considered advertising vehicles” is an utterly asinine argument.
Our assessment of NAR’s aforementioned position hasn’t changed.
∙ Mad Men On Manzanita [SocketSite]
∙ Sorry NAR, But No [SocketSite]
∙ You Can Relist, But You Can’t Hide [SocketSite]