Many people across America make their living as realtors. Generally, you need a professional license to become a broker in this industry. The purchase of real estate is a big decision for consumers, and the sums of money involved can be vast.
The relationship between realtors and their clients is founded upon trust, and a breach of this trust can see realtors face issues in terms of their professional license. Numerous forms of conduct can result in the suspension of a license and any breach in professional duty tends to be frowned upon in law.
Exercising due diligence
Real estate transitions can be worth hundreds of thousands of dollars and even more sometimes. When dealing with such large sums it is vital that realtors exercise caution.
While blatant malfeasance, such as theft, can result in license suspensions and criminal convictions, malice does not have to be present. A simple error can cause all sorts of problems for real estate professionals. For instance, accidentally depositing a sum of money into the wrong account can amount to a breach of professional duty.
Being candid with information
Realtors are entitled to earn a living like anyone else. However, this should not be done to the detriment of clients. Professionals in the field have a duty to be upfront about any profit they might make in an ongoing deal. At the same time, clients have a right to choose whether or not they wish to be represented by certain parties. Conflicts of interest are one of the more common sources of real estate disputes, and they can potentially result in professional licensing issues.
As a realtor, your professional license is of the utmost importance, so you have to defend it. If you find yourself facing accusations that place your license at risk, be sure to explore your legal options.