Disclosures and RE Licensure

[Sean Brennan]

Okay, I have read the laws/regs and called the board but no one was able to answer my questions. In fact, the person answering the phone at the Board gave me info. that was wrong and contradicted the regs. I know you need to disclose that you are licensed when purchasing investment real estate if you have an active salesperson's license. But what if you have an inactive license (so you can collect referral fees), do you still need to disclose? What about an expired license?

My guess is that you would not have to disclose an inactive or expired license but I want to know for sure...

[Wayne Brooks]

Kelvin K. each state is different, but here the disclosure is required if a licensed agent has an interest in the LLC, not necessarily at first introduction, but prior to "substantive negotiations".