A real estate agent in East Stroudsburg, PA was charged Friday with falsely reporting a property he owned as being mortgage-free, selling that property and then keeping the money from the sale for himself. I can’t believe he thought he could get away with it considering the staggering amount of paperwork and disclosures you have to sign when buying or selling a house. I can’t believe the title company didn’t pick this up.
Every state has different requirements. You really should check with the Department of Real Estate in your state. I know a real estate attorney in CA who just went and took broker’s exam without going to classes. I suppose other states have similar exemptions.
Yes, it’s really bad when the state’s real estate commission is into a numbers game, caring more about issuing licenses and collecting licensing revenues rather than using the license as a measure of quality.
Yes, there are some estate agents who are dishonest in their work. They are selling the property in fake and keeping the returned revenue with themselves. So, before selling or letting your property you must cross check the background of the agents and whether they are licensed or not.
Great advice. In most areas, you can verify the agent’s real estate license with the state licensing board on-line.