do i need to disclose license status as a buyer

In Buying Property - Asked by Kim D. - Nov 25, 2014
Report Abuse
Answer this Question

Answer(s)

Margaret B.
Broker/Agent
Glen Ellyn, IL

You must always disclose you are a licensed agent when buying or selling a property.

Nov 26, 2014
Report Abuse
C J.
Owner/Investor
jamaica, NY

State law mandates full disclosure....but when you say "license status?" do you mean status such as "revoked, suspended..." what do you actually mean by status.

Nov 28, 2014
Report Abuse
Regan C.
Broker/Agent
San Francisco, CA

always disclouse

Nov 30, 2014
Report Abuse
Michael E.
Broker/Agent
Houston, TX

In the state of Texas, it must be disclosed in the contract, lease, or in another written document given to the other principal before the agreement is signed. [Rule 535.144] The disclosure is required even if the license holder is on inactive status.

Dec 10, 2014
Report Abuse
Benny George B.
Broker/Agent
Phoenix, AZ

Yes , you should, and I think it is good because it may give your seller more confidence in your abilities to perform professionally and that you practice business Ethics.

Dec 10, 2014
Report Abuse
Laurie J.
Owner/Investor
Bradenton, FL

You must disclose and when you fill out the contract buyer/seller make sure it is on there. You do not need to remind them just make sure it is there!!!

Dec 16, 2014
Report Abuse
KEVIN K.
Broker/Agent
Bolingbrook, IL

Yes, you must whether verbally or in writing. This is pretty much a norm in the entire industry. States regulate real estate industry very strictly and this is mainly to avoid some ill intended professionals taking advantage of the uneducated people in real estate transactions.
In Illinois, you can even lose your license if you don't disclose.

Dec 20, 2014
Report Abuse
Dalip S R.
Broker/Agent
Lumberton, TX

You must disclose your license status regardless if its active or not. It will be also very beneficial for you in negotiating and closing the deal.

Jan 5, 2015
Report Abuse
Barbara D.
Broker/Agent
Greensboro, NC

You always have to disclose you are licensed when buying property.

Jan 10, 2015
Report Abuse
Andrew S.
Broker/Agent
Beverly Hills, CA

Full disclosure is always required under California law. The parties to the transaction must know that you hold a real estate license.

Jan 12, 2015
Report Abuse
Holton W.
Property/Asset Manager
Cleveland, OH

When in doubt ALWAYS disclose.

Jan 18, 2015
Report Abuse
Francis L.
Broker/Agent
Santa Clarita, CA

Short answer, yes. Always disclose your license status when you're getting ready to engage any type of real estate transaction. Buying, selling, leasing, anything. Whether you represent yourself or someone represents you, still disclose it.

Feb 9, 2015
Report Abuse
Deborah B.
Broker/Agent
Frisco, TX

If you have a current Real Estate license, you must disclose this in any real estate transaction. If you are related to anyone you represent, you are required to disclose this as well.

Mar 15, 2015
Report Abuse
Sam P.
Redlands, CA

I understand your question to mean that you are the buyer offering to purchase a property and you are a licensed real estate agent or broker. Yes, a licensed real estate agent or broker must disclose their license status when negotiating the purchase or sale of a property. In practice, you should disclose verbally when you first speak with the seller or seller's agent. Then, when you write an offer, you should disclose your real estate license status in writing to the seller's agent. For example, a simple, "Jane Doe is licensed as a real estate agent in the State of California" is sufficient to put the other party on notice.

May 11, 2015
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question