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Before you even get your license, most states require that you submit your criminal background. In most circumstances, the various real estate commissions will suspend or revoke licenses on a case-by-case basis if an agent has committed a crime. Certain Criminal ConvictionsĮach state handles criminal convictions differently, so it’s crucial to know how your state deals with an agent’s criminal history as related to real estate licensure. To avoid this scenario, maintain stellar bank records so things don’t slip through the cracks. That’s certainly not criminal, but their money was mishandled. If you work for a property management firm, you may forget to deposit checks from the various renters. One of the most common occurrences of mishandling client finances unfolds when an agent deposits the money from a real estate sale into their personal account as opposed to the title company account. In that situation, you would need to worry about not just getting your real estate license suspended but also the criminal charges you would face, which may require seeking legal advice.
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Mishandling a client’s money is one of those scenarios that is typically more related to negligence than anything nefarious - unless, of course, you actually steal a client's money. Remove that potential conflict of interest from the jump by being transparent, and you shouldn’t experience any related problems down the line. Do not try to hide your financial interest, even if you think it will scare your client off. If you fail to disclose your financial interest in a prospective deal, you can have your license revoked or suspended. However, you must disclose your financial interest to all other parties involved in possible real estate transactions to remove any potential conflict of interest. One of the benefits of being a real estate Broker or Salesperson is that you can work for yourself.
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As a licensee, it’s best to avoid sharing details regarding your clients and keep up to date with the licensure rules in your state so you don’t risk losing your license. Whether you’re working with an average client or a famous one, you could have your license suspended by your state’s commission if you spill too much of their personal information. But you may break client confidentiality if you post that Tweet. If you’re working with a famous client, you may be tempted to brag about it on social media. If you become a luxury real estate Salesperson or real estate Broker, client confidentiality is non-negotiable. Yes, you can share the listing information of the home, but sharing where they work, their marital status, and the names of their family members, for example, are off-limits.
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When you’re working with a client on a purchase or sale, what they tell you is confidential. Keep in mind, these are not all of the reasons that a license can be revoked and each state has different rules regarding the revocation of a license - but by reading this guide, you’ll have a better understanding of how and why real estate license revocation occurs. Each state’s real estate commission or licensing board has rules in place to protect real estate licensees and their clients. This guide will cover why people lose their real estate license, why licenses get suspended, and if you can get your license reinstated after losing it. There are a number of reasons that a real estate agent can lose their license. What Are the Top Reasons a Real Estate Agent Loses Their License?