Ways A Lien Could Suspended Of Revoked

Question 1

What are ways a licensee old have his license revoked/suspended?

Answer 1

• misrepresentation
• false promises/misleading
• pursuing a continued course of misrepresentation
• acting as a dual agent without written consent
• salesperson collecting com other than his broker/employer
• salesperson posing to be a broker
• failing to account for monies
• any other fraud or dishonest dealings
• in a co-partnership, allowing anyone who does not hold brokers license to handle transactions
• in a corp., permitting a non-broker employee to run the real estate management sales
• when salesperson fails to name the broker with whom he/she have their license with in a written statement
• violating Ch.467, condo., subdivision, time sharing, or Discrimination Statutes
• splitting fees with an unlicensed person(okay out-of-state broker, foreign broker, travel agency, travel-agency-sales-rep)
• commingling
• licensee is adjudicated insane or incompetent
• no licensee should advertise “F.S.B.O” (For Sale By Owner)
• ads must state that franchisee owned and operated(20% rule), plus include Brokers name/registered trade name