Posted on July 22, 2022
This short article face the brand new Agency out-of A residential property (BRE)’s the reason incorrect translation regarding California a home rules into the stating that a real estate licensee just who serves only since a primary in the a real property conversion process transaction need certainly to divulge the clear presence of the license.
Specifically, the misunderstandings come from dispute of great interest disclosures a beneficial licensee need certainly to build whenever becoming one another a primary and you can a representative within the a similar purchase
A genuine home licensee exactly who acts exclusively given that a principal to acquire or promoting possessions need not divulge the current presence of the Agency from Real estate (BRE) permit. The disclosure regarding a sales agent or broker licenses is just expected if the licensee:
- is actually a main about exchange; and you may
- holds on their own out as the a realtor on exchange with the expectation of a charge. [Calif. Organization and you will Specialities Code §10177(o)]
Yet not, new BRE wrongly misstates that a great BRE licensee whom will act as a primary so you’re able to a genuine estate exchange need to disclose its registered standing to the other prominent into transaction. (more…)