transactionsengineer 0 Report post Posted September 16, 2005 Here is a link for the New York State Division of Licensing Services. It clearly defines a real estate broker, agent, and tenant relocator. http://www.dos.state.ny.us/lcns/lawbooks/re-law.html Below is the response I gave to an uneducated real estate agent in New Jersey. It can be used in all states. My Response - On a first read through, it seems to say that no one can buy or sell, lease, rent etc without being classified as a Real Estate Broker/agent. But if this were the case, then no person could rent, (much less buy or sell their own home) without having a license. It would also keep investors from buying a home with the intent of resale for a profit or to rent. So there must be something in all these statutes which exempt people from having to have a license. It is usually found in just 2 simple words hidden somewhere in the definition of a real estate broker. Here they are... “for others". Remove those two words from any of these statute definitions of a realtor and automatically everyone even thinking about buy or selling or rent a home would need a license. The words “for others” create an "agency" relationship between two parties. If you do something "for another's benefit" or in their best interest, you have formed this agency relationship. These words imply that the agent will do "what is in the best interest" of the party they are being employed (or paid) by. Since there is a legal responsibility to do what is in the best interest for another, then the State is allowed to oversee that action so as to prevent the person put into this "trusted" position to be capable of completing the transaction to a certain state standard and to be fair and work in the best interest of the paying party. However, as an investor, I am not working "FOR ANOTHER"; I am certainly not in an "AGENCY" relationship. I am working "MY OWN" best interest and I am trying to negotiate the best deal for me, not the seller/buyer. I am in what is called an "ADVISARIAL" relationship. There is no licensed required since I am not working on behalf, or representation of another. Read the statue again and find those two magic words that allow private investing without having a license. In addition, a contract on property provides Locus Standi (meaning Sufficient Interest) in the property to sell the property as if you owned it. You can advertise property that you own or control. Share this post Link to post Share on other sites
Craig 0 Report post Posted September 17, 2005 Dan, thanks for the information. Share this post Link to post Share on other sites
transactionsengineer 0 Report post Posted September 17, 2005 Dan, thanks for the information.<{POST_SNAPBACK}> This was reposted from another message so that more people in the New York investing market can benefit from the information. There are many uneducated realtors and other related professionals who are simply unfamiliar with what the law actually states. I hope you find great benefits in the information. I am a full time investor and use this same argument with realtors who make the claim that I am doing something illegal. Strangely enough, they don't respond after I tell them how wrong they are and I never hear from them again unless they respond to a posting about one of my homes for sale. All the best, Daniel Share this post Link to post Share on other sites
