Posted by Mike on April 15, 2000 at 23:53:05:
I called the Texas Real Estate Comm. and asked them the very same question. According to them you can market a property for lease/resale as long as you are a principal on the contract and the contract gives you the right to do so. You must also disclose to the seller that you are licensed and then disclose to any potential buyers the same thing.
Hope this helps.
Mike
Question for fellow Realtors doing Options… - Posted by Charity
Posted by Charity on April 15, 2000 at 21:56:52:
I am just trying to figure out the legalities of doing straight options (NOT Lease Options). I guess I am trying to figure out if it is ok for a licensed real estate agent to basically advertise and market a home and not be considered an agent while doing it.
Thanks!
May I expand on this question… - Posted by Eric (LA)
Posted by Eric (LA) on April 16, 2000 at 19:05:28:
It’s my understanding that licensees can by all means have an option on a property and sell it as a principal. And (In California anyway), if they are the listing agent on that same property, they must disclose to thier buyer both thier original contract price, and thier potential profit from the sale.
RE licensee’s in California, please correct me if I’m misinformed here, but if this is true, does it apply to other purchase contracts as well?
Thanks~
Eric
Re: Question for fellow Realtors doing Options… - Posted by Vic
Posted by Vic on April 16, 2000 at 04:13:15:
Why wouldn’t it be OK? I mean you can sell your own house without acting as an agent. You can lease your own rentals without acting as an agent. If you have an option on a property, that’s an equitable interest, you should be able to do with it as you chose. Just don’t forget to disclose that youre an agent.