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#452136 - 04/26/16 06:53 AM Prohibited transactions
rbsmith Offline
Junior Member

Registered: 04/26/16
Posts: 1
Loc: CA
Question for licensed agents in CA. Are there prohibited transactions for a licensed agent and their family members?

Example, lets say a licensed agent has a great potential investment flip listed and their spouse has an investment business where he/she buys rental properties and other investments. If the spouse happens to put in an offer, can the seller and seller's agent accept his/her offer? And is it different whether it would be a spouse, brother/sister, cousin, or aunt/uncle?

Thank you.

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#452264 - 05/02/16 04:33 PM Re: Prohibited transactions [Re: rbsmith]
bets5150 Offline
Member

Registered: 06/21/13
Posts: 24
Loc: Los Angeles
Should be fine as long as it is disclosed...I have done this in the past and simply add an addendum to the offer disclosing the relationship.

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#457113 - 03/29/17 01:43 PM Re: Prohibited transactions [Re: rbsmith]
Chrispy Offline
Junior Member

Registered: 03/28/17
Posts: 8
Loc: Florida USA
in Cali, I don't know but in FL this is no problem AS LONG AS YOU DISCLOSE IT. Disclose, disclose, disclose and it is real hard to get into any problem.

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#457153 - 03/31/17 01:00 AM Re: Prohibited transactions [Re: rbsmith]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2266
Loc: Outer Banks
You can eveb buy it yiurself. When we gat our licenses we don't lose our right to buy houses nor do we lose the right to help friends and family buy houses.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#457252 - 04/06/17 02:24 PM Re: Prohibited transactions [Re: rbsmith]
Brandon Battle Offline
Junior Member

Registered: 03/20/17
Posts: 7
Loc: Anaheim,CA
A licensed agent in CA can buy any property from a client or potential client that they want.You must disclose that you are an agent to a potential client and the expected potential profit after you resell it.This prevents clients from claiming they have been cheated out of profits by an unscrupulous agent.You have to give them an informed choice of whether to list it on the MLS for potential multiple offers and higher profits or sell it to you immediately out of need for speedy closing and cash to move out fast.

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#457341 - 04/13/17 01:49 AM Re: Prohibited transactions [Re: rbsmith]
TheBPOExpert Offline
Member

Registered: 01/22/12
Posts: 114
Loc: Georgia
In Georgia you have to write in the contract that you are a licensed agent
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“You will get all you want in life, if you help enough other people get what they want.” -Zig Ziglar




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