Working as a real estate agent comes with a lot of excitement, responsibility and stress all at once. Agents are required to be licensed in order to legally help clients buy or sell property. Some agents find themselves defending their license due to issues that crop up during their career. Today, we will discuss some of those reasons so you can protect your license.
Real estate agents should never sign for their clients, ever. It's always best to wait until you can meet with your client so they can sign all documents, especially a counteroffer or a purchase agreement. The signature is not even valid when it's followed with the words "per telephone call."
Agents should also never hand over the keys to a property prior to closing. It's possible for the offer to be pulled even on the day of closing. It can happen minutes before the closing is scheduled to occur. The keys should only be handed to the buyer once the paperwork has been signed.
Misrepresentation is another no-no for real estate agents. You should never lie, fib, embellish, omit or misrepresent any information or listing in an effort to secure a sale. This can lead to the quick revocation of your license.
Mortgage fraud is another example of how a real estate agent can lose their license. Mortgage fraud occurs when a lender is convinced to lend more money against a property that has been overvalued.
When your real estate license is in jeopardy, it's best to consult with an experienced professional license defense attorney about your situation. The minute you are notified of a review of your license, contact an attorney to get the defense underway in Sacramento.
Source: Realtor Mag, "Ten Ways to Lose—Or at Least Endanger—Your License," accessed Nov. 17, 2017