From: John Cowart 
Newsgroups: alt.privacy misc.consumers misc.invest.real-estate misc.legal alt.privacy
Subject: Re: Q: SSN required for offer to purchase real estate?
Date: Fri, 27 Jun 2003 08:27:26 -0600

jack@jack.and.jill.nospam wrote:
> 
> I've never heard of real estate agents being required to run background
> checks on their clients. Not even banks, I believe, are required to do
> something like that. I think they are only required to *report*
> suspicious transactions. I don't think they are required to
> *investigate*.

Correct, but they are required by law to somehow detect illegal
transactions. The only ways to do that are by investigating suspicious
clients, or by being psychic.

> I diagree with your suggestion that real estate purchases without a
> mortgage are on the face of it suspicious.

That type of transaction is specifically chosen by the government to
illustrate an example of a possible illegal transaction. Their choice,
not mine.

> If you still think that the "duty" of a real estate agent extends beyond
> reporting suspicious transactions, could you provide references to the
> relevant statutes and regulations?

They are required to exercise "due diligence" to detect illegal
transactions. I have already provided information about the statute to
you twice before. Here it is for the third and final time. Try to pay
attention.

It's the federal "Anti-Drug Abuse Act of 1976"

You can read up on it at
http://www.winstead.com/articles/articles/What%20the%20Real%20Estate%20Professional%20Should%20Know%20About%20Money%20Laundering.pdf

John Cowart