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#270520 - 01/21/09 11:06 AM Re: Serious question [Re: Bigtoe]
shana Offline
Veteran Member

Registered: 11/06/07
Posts: 991
Loc: Nevada
well, NC may have defined or restricted agent activities under state law. but in general, there is pass-through legal liablility from the agent to the broker to the client.

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#270546 - 01/21/09 12:21 PM Re: Serious question [Re: shana]
Bigtoe Offline
Veteran Member

Registered: 10/14/07
Posts: 1007
Loc: Outer Banks
Correct, the liability flows from the agent to the broker but an agent can not perform broker activities even if they are supervised by a broker.
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Your Outer Banks real estate agent. Learn how to buy an Outer Banks Foreclosure property.

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#271116 - 01/24/09 10:49 AM Re: Serious question [Re: Bigtoe]
GreatLakesBroker Offline
Member

Registered: 01/09/09
Posts: 18
Loc: Great lakes
Sorry, been gone a few days.

State licensing varies. In Michigan there is a distinction between what a Broker can do and what a licensee can do. Not everything that a Broker does, is permisable for a sales person to do. 100% liability for actions runs up hill (Broker is totally responsible for the actions of their sales persons, but the sales persons are limited, by law, of what they can do.

If Michigan wanted licensees to collect a fee for valuation services, they wouldn't have singled out the Broker as able to collect a fee, when they grouped both classes together when stating who can perforn the service.


Edited by GreatLakesBroker (01/24/09 02:17 PM)

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#271147 - 01/24/09 01:14 PM Re: Serious question [Re: GreatLakesBroker]
Mr. Foreclosure Offline
Major Contributor

Registered: 09/01/06
Posts: 2832
Loc: upstate New York
In New York the payment must go to the broker regardless of who did the work. The broker then pays the agent if the agent actually performed the service.

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#271155 - 01/24/09 02:20 PM Re: Serious question [Re: Mr. Foreclosure]
GreatLakesBroker Offline
Member

Registered: 01/09/09
Posts: 18
Loc: Great lakes
[quote=Mr. Foreclosure]In New York the payment must go to the broker regardless of who did the work. The broker then pays the agent if the agent actually performed the service. [/quote]

That's the way it is for "Brokerage" services here too. But regardless of that, Licensees in Michigan can not legally be paid for ANY valuation services. Even if the service is legal. (All BPOs are not)

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#271165 - 01/24/09 03:30 PM Re: Serious question [Re: GreatLakesBroker]
Mr. Foreclosure Offline
Major Contributor

Registered: 09/01/06
Posts: 2832
Loc: upstate New York
So far I am not aware that the legality of paying for BPOs has been challenged in New York.

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