But it’s not a defense. You might blissfully speed down the highway. But don’t try telling the police officer who stopped you for going 60 MPH that you didn’t know the speed limit was 30 MPH. I doubt he’ll say, “Oh, ok! Have a nice day!”
When it comes to real estate the problem becomes the number of laws that potentially impact a real estate transaction and trying to stay “on top” of them all. The National Association of Realtors recently developed a list of some 23 Federal Laws that may apply to a real estate transaction. I’ve decided to offer a link to it here primarily for the benefit of students–many of these laws affect what we do as we facilitate transactions. Consumers may, however, find the list at least interesting — if not intimidating! Remember, these are just federal laws. There are also state, county, and local laws and ordinances.