realtor practicing law w/o license?? - Posted by relitter

Real Estate Investing Real Estate Law
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Posted by Natalie Smith on January 11, 2005 at 11:35:12:

I am not an attorney, but I don’t believe that a licensed agent also needs a law license to give advice to their clients on accepting offers.

I am a real estate broker, and if an agent of mine were in this deal, I would find out exactly where the $4200 error came from. Did the agent calculate wrong, or did the seller owe more than they disclosed?

Too many agents give up their money at the closing table to make deals work and they shouldn’t unless it’s their error. I personally don’t work for free.

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realtor practicing law w/o license?? - Posted by relitter

Posted by relitter on January 11, 2005 at 11:09:39:

if a listing agent advises the seller that they will “break even” by accepting a certain offer (seller had disclosed to her agent that she was behind on payments and had no money to bring to closing…just wanted to break even)

upon the agents calculations…aseller accpets offer…and 3 days before closing gets a HUD stateing the seller must come up with $4200. to close…realtor now claims seller owes him his 6% commissions even if deal dies due to her not having any money…(listing agent refuses to try to get buyers agent/buyer/buyers loan officer/himself to come up with the $$$ to keep deal alive)…

has he practiced law w/o license by advising her to accept the offer???

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Re: realtor practicing law w/o license?? - Posted by I.R.

Posted by I.R. on January 28, 2005 at 10:01:01:

So your position would be that a salesman can’t even advise a prospect to buy?

That’s PLWL in your opinion?

I doubt sincerely that any court would agree with you, as this does not involve any legal advice or interpretation, but more of a financial one.

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Re: realtor practicing law w/o license?? - Posted by chet

Posted by chet on January 12, 2005 at 24:06:42:

that’s what small claims court and e&o insurance are for.

sounds like the agent goofed up.

the commision percentage should have been disclosed in the listing agreement.