- If you own a corporation which flips properties and you are a Realtor, are you required to disclose that you are an agent when the corp. sells the property?
- What if there is more than one owner of the corporation and one of the other shareholders is a Realtor. Are you required to disclose?
- Also, if you are flipping properties and your spouse is a Realtor do you need to disclose.
What are the rules concerning this issue?
That’s a great question, and I’d be interested in the feedback as well.
I’ll add another question:
In addition, when you purchase the property from the seller, are you required to disclose to the seller that one of the shareholders/members is a licensed agent?
I’m under the impression that the answer is YES, you probably should disclose, but I’d like to hear some feedback on the matter.
In PA, RE licensees are required to disclose their licensed status whenever they’re a principal in a deal (buying or selling). Doesn’t make any difference if another principal (buyer or seller) isn’t a RE licensee or if it’s a partnership, corporation, etc.
Why would you not want to disclose that you are a licensed REA? I always let folks know on any transaction only as i would not want them to ever feel i was not forth right. As long as you are fair and honest whomever you are dong business should take comfort in the fact that you are a professional in your field…