16.
You are Georgia licenses real estate salesperson and you find a new listing that fits your need for a property to add to your rental portfolio. Your plans are to buy and hold the property and possibly place a tenant to occupy it. You draft the offer and submit to the listing agent, but the offer price is way below list price. You offer a quick close and state in the offer that you hold a real estate license and provide your license number. Can the listing agent present your offer to the Seller even though you hold a real estate license?
a. No, a licensee cannot make offers to sellers.
Salesperson licensees can make offers on properties. As a licensee, proper material disclosure must be given on any real estate contract for lease, purchase, or sale. The agent must disclose they hold a real estate license in the state that they are purchasing the property. As long as there is written disclosure on the contract about a licensee on either side of the transaction holding a license, it is permissible to make offers. (Unfair Practice #9) Additionally, because a broker oversees the actions of all licensees, licensees must inform the broker in writing about any real estate transactions that their affiliated licensees are a part of, even if they are personal transactions. Failure to do so would lead to reprimand from the broker and GREC.
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b. No, because the offer is below the asking price.
Salesperson licensees can make offers on properties. As a licensee, proper material disclosure must be given on any real estate contract for lease, purchase, or sale. The agent must disclose they hold a real estate license in the state that they are purchasing the property. As long as there is written disclosure on the contract about a licensee on either side of the transaction holding a license, it is permissible to make offers. (Unfair Practice #9) Additionally, because a broker oversees the actions of all licensees, licensees must inform the broker in writing about any real estate transactions that their affiliated licensees are a part of, even if they are personal transactions. Failure to do so would lead to reprimand from the broker and GREC.
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c. Yes, as long as the fact that the offeror is a licensee is kept confidential.
Salesperson licensees can make offers on properties. As a licensee, proper material disclosure must be given on any real estate contract for lease, purchase, or sale. The agent must disclose they hold a real estate license in the state that they are purchasing the property. As long as there is written disclosure on the contract about a licensee on either side of the transaction holding a license, it is permissible to make offers. (Unfair Practice #9) Additionally, because a broker oversees the actions of all licensees, licensees must inform the broker in writing about any real estate transactions that their affiliated licensees are a part of, even if they are personal transactions. Failure to do so would lead to reprimand from the broker and GREC.
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d. Yes, the buying agent must disclose they hold a license and the listing agent must present all offers received.
Salesperson licensees can make offers on properties. As a licensee, proper material disclosure must be given on any real estate contract for lease, purchase, or sale. The agent must disclose they hold a real estate license in the state that they are purchasing the property. As long as there is written disclosure on the contract about a licensee on either side of the transaction holding a license, it is permissible to make offers. (Unfair Practice #9) Additionally, because a broker oversees the actions of all licensees, licensees must inform the broker in writing about any real estate transactions that their affiliated licensees are a part of, even if they are personal transactions. Failure to do so would lead to reprimand from the broker and GREC.
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