All Forum Posts by: Douglas Lagos

David C.; Yes, as an agent for the buyer., I should have also mentioned that Section 10177 Sections c and d, also state to look at all the rules and regulations starting at Section 10100 and thereon. It's a catch all.

I forgot to include this other Section 10176 (i)
(i) Any other conduct, whether of the same or a different
character than specified in this section, which constitutes fraud or
dishonest dealing.
http://law.onecle.com/california/business/10176.html

And there are more Sections that act as a catch all.

We all know that any judge, or if a complaint is sent to the CA DRE Commissioner, would agree that if RE licensees do not disclose that they are licensed, that would constitute dishonest dealing with the public.

I do not know if you have or have been a RE licensed agent. If you have or have been, I'm sure RE lawyers, brokers, and teachers have implied, may times, not to play around with the public in real estate dealings. All RE licensed agents are considered professionals in regards to real estate dealings, and are held to a higher standard when dealing with the regular public.

I've read reports online about a lawyer that stipulates that licensees are not second class citizens in regards to disclosures. But, I'm not willing to lose my RE license for not disclosing that I am licensed. Any RE professor/attorney, will tell you a million times that not disclosing that the principal is a licensed RE agent is asking for a whooping in court.

Douglas Lagos
CA DRE# 01921046

Please forgive my post, but in regards to California disclosure law, this has "not been cleared" in the forum yet.

This is a link to the direct law, or in this case the California Business and Professions Code, Section 10177, (o).

http://law.onecle.com/california/business/10177.html

Just go down to the o section, and you will see that not disclosing that you are a licensed real estate agent, specially when you are the principal, can result in grave circumstances. Not to mention that a buyer or seller can take you to court and sue you, and a judge would not look kindly at you.

"The commissioner may suspend or revoke the license of a real
estate licensee, delay the renewal of a license of a real estate
licensee, or deny the issuance of a license to an applicant, who has
done any of the following, or may suspend or revoke the license of a
corporation, delay the renewal of a license of a corporation, or deny
the issuance of a license to a corporation, if an officer, director,
or person owning or controlling 10 percent or more of the
corporation's stock has done any of the following:

(o) Failed to disclose to the buyer of real property, in a
transaction in which the licensee is an agent for the buyer, the
nature and extent of a licensee's direct or indirect ownership
interest in that real property. The direct or indirect ownership
interest in the property by a person related to the licensee by blood
or marriage, by an entity in which the licensee has an ownership
interest, or by any other person with whom the licensee has a special
relationship shall be disclosed to the buyer."

File a complaint with the NJ DRE, in regards to the KW Broker, and another complaint in regards to the KW agent.
The broker will be ultimately liable for all things. That is what brokers are for. It does not matter that the agent forgot it, misplaced the document for a while, etc. The broker is ultimately responsible.

Also, file a complaint with the Realtor board (I'm sure all KW brokers are members, but I may be wrong).

Good luck.

Chris G.: Bill G. is correct. All States require that a licensed RE agent disclose any interest in a property they are selling or buying, or if they are a principal.
If you notified the buyer via email, or a letter, you should be able to dispute it. Although, disclosure in a contract is the best option.

If no written disclosure was provided, pay the fine. You may, or may not hear from California DRE about this. On your next license renewal with California DRE, you will need to check the box where it says that you have been previously fined, and fill out the reasons. It should not preclude you from renewing, but failure to put it on the CA DRE would let them take your license away. In such cases, after one State has taken away your RE license, other states will not let you get one.

In this business, it's always best to let everything out in the sun, in writing.

Regards,

James: a real estate agent that represents the seller, is only due a commission, once the contract is signed by all parties concerned, and the deal closes escrow.
Many things can happen after a contract is signed but before it closes escrow, some examples are, No Loan, house has major inspection faults/repairs, and low appraisal value. Always look at the listing contract that you signed for information on what your duties and rights are.
In the example cases shown above, a deal would fall through if the buyer is unwilling or unable to bring more money to the table and/or the seller making repairs, and no commission is due.

The only way that a selling agent is due a commission, without the seller signing, is if the buyer comes with a contract offering you your asking price, and no other terms/stipulations. ie. Example, your asking price, 30-45 days usual closing time, no loan contingency, no inspection contingency. Of course, what you wrote in the listing contract, is what stipulates your asking price and contingencies. Most have 3% down, 17 days for home inspections, and a loan contingency. So, check your listing contract to know what you had contracted would be the terms that you had agreed to. A willing and able buyer with additional terms is not what you agreed to in the listing contract when you put the house for sale with the selling agent. I may be wrong, but I still have not heard or seen a listing contract that also included your consent for "and any other terms that buyer brings to the table".

Please note, that if you sign for a specified period of time, ie. 6 months, 1 year, etc., your selling agent is still allowed to market your property. Some agents may discontinue the contract with a disgruntled seller, but will need to provide you, the seller, with a written cancellation of the listing contract, signed by the agent and seller. Always talk or email the listing agent and let them know what your concerns are. You may be able to come to an agreement, or the listing agent may let you out of the contract as soon as possible.

Never hire another selling agent, until you have a written signed cancellation from the first selling agent. Otherwise, if your house sells during the initial listing contract period, you will owe double commission to each selling agent.

As to a buying agent, you can fire them anytime, but do provide some type of written notification via letter or email, to have written backup in case something comes up later on. Then, go and find another buying agent that will provide better assistance to you.

The majority of real estate agents are very knowledgeable and professional. In your case, it seems that was not the case. RE Agents are similar to cops. Cops have a bad reputation, but most are honorable, hard working professionals. One bad apple, does not spoil the barrel. Just look at the NYC cop that was caught in a photo helping a homeless person. The cop did not want publicity when he was doing the act of kindness. Most cops, and RE agents are like that. Too bad we don't hear about the majority that are doing good professional jobs.