My broker says it’s violation of federal law for me to have signs that do not state that I am a weichert realtor.
she also says that I cannot as an investment group LLC and weichert realtors. She considers that being licensed in two places.
My and two partners are working together as real estate investors. We find deal and split the profits three ways.
I am also a realtor with weichet realtors in alexandria va.
I am not aware that I have broke any laws federally, disclosure or otherwise.
If anyone knows more about this it would be very helpful. I am going to try and talk to the weichert lawyers on monday as my broker is not a real estate lawyer.
Any thoughts on this would be greatly appreciated.
The broker should cite the statute, case law, or regulation that led her to that conclusion. I’m not sure a real estate lawyer is the best place to ask. I would ask the government agency that regulates your license for their opinion. Those are the folks who will pursue any case against you.
If you are the owner of a property - or a principal, and you have a RE License, you are mandated to disclose this. the reason for this is you have hadspecific training and licensing - and you have an “agent’s requirement for transparency” to let everyone know in the transaction that one party is a licensed real estate agent. this includes all advertising - newspaper ads, signage, whatever. The specific requirements vary within local jurisdictions - although something like “Agent-Owner” is normally acceptable. Check with your licensing board for specifics for your state.
I understand if I am selling my home and I have to disclose that I am an agent. That is true. But the question is if I am a real estate investor and I am doing marketing as an investor my sign do not state I am a realtor nor does the voicemail. This business is not realted to my realtor business. I am not offering my real estate services to anyone. I am out marketing for investments. Shoudl this marketing signs and voicemail or otheriwise state these things.
It sounds to me like your broker just wants some free advertising with you paying the bill.
Like you said, you aren’t advertising to list homes or find buyers to represent for a commission. You’re not trying to get a commission. You are trying to buy and sell investments.
The main thing is you can’t get paid a commission unless it’s through your broker. If you buy an investment property in the LLC that is listed with an agent, the only way you can receive a commission is through your Weichert broker.
If you are an owner of a house, you can use a regular old for sale by owner sign without saying you are a weichert agent on it. That is as long as you aren’t charging yourself a commission. :biggrin
All you have to disclose on the purchase contract that you are a licensed real estate agent and you don’t even have to say with weichert.
I could be wrong but that’s my educated guess.
The best thing to do would be to call your board and ask them. Just make sure you explain to them what you’re doing.
I agree. I used to have my license and I was with Weichert in Lake Ridge (Woodbridge). I was told the same thing thing but I found that I was being “steered” away from being an investor instead of hearing the truth (not by the broker though). Your signs DON’T have to say Weichert on them anywhere because you’re not representing Weichert. The only mandate that I know of is that you have to let all parties involved in the transaction know that you have your license. Other than that there really isn’t thing else you should have to say…it doesn’t matter which agency you’re with. Just make sure you disclose your licensed status and don’t use office resources for your personal investing and there isn’t much they can say to you.