If you’re not principal, what are you? - Posted by John Merchant,JD
Posted by John Merchant,JD on July 09, 2002 at 09:39:42:
I think the local RE licensees would gladly try to “troublefy and crucify” you, if any were to learn you were doing a RE deal for a commission or
fee-without benefit of license.
And I suspect that state’s license authority would be all over you for illegal practice as RE broker or agent sans license.
I have a WA State Realtor friend who actually spent a night in OR slammer because he went down there and showed a property on which he had a listing. While it’s quite common in the Commercial RE world to take on out-of-state properties, and it’s done all the time, it is a BIG no-no to actually show those properties to prospects, etc.
Certainly the safe way for you to proceed would be to be in the deal as a principal, with a simultaneous, or double escrow/closing-and if you’re not a principal what is your role, if not unlicensed broker or agent?
Just my 2 bits, and if anybody’s got another idea I’d like to see it. I sure learn more from this forum than I contribute, so I’m not being facetious.