What obligations does a ‘former’ real estate broker licensee have when selling their own home?
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What obligations does a ‘former’ real estate broker licensee have when selling their own home?
A year and a half ago I decided to get my real estate license and enter the
business. Getting the broker’s license was just a matter of another test so I
did that. After a few months I realized that I did not have the proper
personality and social base to prosper in that career path. I went back to
teaching. My license will expire at the end of this fiscal year and I am selling
my home next summmer. What standard will I be held to if my license is expired?
Would it be better to list my home and declare ‘selling as is’ without a
condition report? It is an older home with all the characteristics of aging
homes. If I am held to a higher degree of accountability I am afraid that anyone
that buys the house can claim I did not properly disclose the condition as
maintenance issues occur on a regular basis.
Asked on June 27, 2016 under Real Estate Law, Wisconsin
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
If you are not a licensed broker at the time you sell your own home, legally, you are not held to a different or higher standard than any owner selling his or her own home. Practically, IF there were to be some problem with the home or sale and IF the buyer were to sue you, one could imagine the court, IF your background as realtor came out, holding you--even if not properly; courts do improper things all the time, since courts are made up of people, and people can react in emotional or "gut" ways--to a higher standard than a layperson. Therefore, it would be reasonable to say that there is a small chance that in the event of a dispute that goes to trial, that your background could work against you.
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