License Law — What Agents Can & Cannot Do
Every state has a Real Estate License Law administered by its Real Estate Commission.
Who needs a license:
Anyone who performs real estate activities for compensation on behalf of another
Activities include: listing, selling, buying, leasing, exchanging
Exempt from licensing:
Property owners selling their own property
Attorneys acting in scope of legal practice
Court-appointed receivers and trustees
Property managers employed directly by owner (in some states)
License categories:
Salesperson/Agent — must work under a licensed broker
Broker — can operate independently, manage other agents
Violations that can cost your license:
Commingling funds (mixing client funds with personal)
Conversion (using client funds for personal use)
Misrepresentation
Fraud
Undisclosed dual agency
Kickbacks without disclosure
NAR Code of Ethics: Realtors (NAR members) must follow a code emphasizing honesty, client advocacy, and cooperation with other agents.
Reference:
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