No, I don’t mean check your drivers license – I mean check the real estate licenses of those you are doing business with. You probably assumed that their license was valid. You know what they say about the word assume. I won’t go into detail, suffice it to say it could cost you money.
Why should you care? If you receive an offer on one of your listings and you see the agent’s name and company name, why worry? They are licensed you say…NOT necessarily. They could have let their license lapse, or not have one at all. In any case, if you pay out a commission to someone that is not licensed, you could be into the area of unlicensed activity – a third degree felony.
Did you know that attorneys must have a real estate license? They don’t have to go through what we do to obtain a real estate license but they MUST have a license. Don’t let an attorney tell you he/she is grandfathered in. There is no such thing.
So check on the license of those you do business with, it is just a good business practice and by the way, make sure your real estate license is current: Every two years – renewal by the end of March or September.
Let’s be good to each other…Let’s be REALTORS!
Until Next Monday…