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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: RE License—help or hinderance? Posted by Ward-CA- on August 13, 2001 at 6:11 PM In Reply to: RE License posted by Troy on August 13, 2001 at 1:51 PM : Ward, how will having a CA RE Sales License effect me as I attempt to buy pre-foreclosed properties from the owner? : Even though licensed, is it possible to act only as a principal in a transaction? If I can't act solely as a principal, what exactly am I responsible to disclose? =•=•=•=•=•=•=•=•=•=•=•=•= Troy, most people would argue that having a current real estate license is a material fact that should be disclosed to all principals in a real estate transaction, even if the licensed individual is just acting for her own account. And as a licensed professional, a licensee is held to a higher standard of care and conduct than a non-licensed individual. The license is probably more of a detriment than a help when negotiating with other principals who assume that your license makes you more privy to the “real value” of their property, and therefore their property is probably worth more than they imagined, otherwise why would a real estate pro want to buy it? So it might prove to be a lot tougher to negotiate a good deal from them than normal. Finally, a license might suggest to a litigious individual that your errors and omissions insurance carrier might be likely to settle a nuisance lawsuit faster than a non-licensed individual would. Hence a real estate license might literally attract lawsuits. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, how will having a CA RE Sales License effect me as I attempt to buy pre-foreclosed properties from the owner? : : Even though licensed, is it possible to act only as a principal in a transaction? If I can't act solely as a principal, what exactly am I responsible to disclose? : =•=•=•=•=•=•=•=•=•=•=•=•= : Troy, most people would argue that having a current real estate license is a material fact that should be disclosed to all principals in a real estate transaction, even if the licensed individual is just acting for her own account. And as a licensed professional, a licensee is held to a higher standard of care and conduct than a non-licensed individual. : The license is probably more of a detriment than a help when negotiating with other principals who assume that your license makes you more privy to the “real value” of their property, and therefore their property is probably worth more than they imagined, otherwise why would a real estate pro want to buy it? So it might prove to be a lot tougher to negotiate a good deal from them than normal. : Finally, a license might suggest to a litigious individual that your errors and omissions insurance carrier might be likely to settle a nuisance lawsuit faster than a non-licensed individual would. Hence a real estate license might literally attract lawsuits. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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