IS IT ILLEGAL FOR THE LISTING AGENT TO BUY YOUR HOME WITHOUT TELLING YOU...USEING A SHELL NAME OR EVEN THEIR OWN NAME

Asked by tnbtcvg8, Austin, TX Tue May 21, 2013

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17
Bill Eckler, Agent, Venice, FL
Tue May 21, 2013
Issues of legality are best left to lawyers.

From a real estate perspective, this is something that might need to be brought to the attention of the local board of realtors as an ethics violation.
1 vote
Annette Law…, Agent, Palm Harbor, FL
Wed May 22, 2013
Even in Florida this is illegal.
This is such a fundamental principle that the idea a professional would violate such a easy to expose transgression suggests to me there is more to the story.
-
Was this a distress sale?
Often, these sitiations are so complex that a sellers is simply uinable to retain all that is shared.
Please provide more data.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes
Samantha Kol…, Agent, Las Vegas, NV
Wed May 22, 2013
Yes, It is illegal. Not only should you go to the board of realtors, but you should report this person to the division for unethical practices. This could be a question of was the realtor looking out for your best interest or their own interest.

Samantha Kolari
Pulse Realty Group
Las Vegas, NV 89123
702-301-7163
http://www.realtorsamlv.com
0 votes
Thanks for the reply Samantha.

Another related question.
In the classified section under homes for sale
some ads say realtor owned...why would a realtor
proudly announce this and make it known.
Flag Wed May 22, 2013
Terry Bell, Agent, Santa Rosa, CA
Tue May 21, 2013
If you feel that your listing agent is not fully disclosing to you complete information about the buyer, and you have reason to feel that you are not being told everything, you should not sign anything until you do feel that you have been fully informed, and should discuss it with the manager or broker of the agent's office. If you have signed some documents that you now are feeling unsure about, see the broker and if necessary consult an atty.
0 votes
Mack McCoy, Agent, Seattle, WA
Tue May 21, 2013
I'm curious about this - if they used their own name, how wouldn't you know it was them?
0 votes
Thanks for the reply Mack.

I presented this as a hypothetical situation to the RE industry.
The answer appears to be illegal and unethical...of course
robbing banks is legal until ya get caught.

I have a related question and posted it several times with no reply:
Newspaper ads...classified section...selling homes
from time to time you will see an ad that states "realtor owned"
why would a realtor proudly what that known.
Flag Wed May 22, 2013
Mariah Weiss, , Las Vegas, NV
Tue May 21, 2013
Yes it is ellegal. Realtor must disclose all parties.
0 votes
Mariah Weiss Realty One Group. Las Vegas NV 702-762 5050
Flag Tue May 21, 2013
Mariah Weiss Realty One Group. Las Vegas NV 702-762 5050
Flag Tue May 21, 2013
Robert Adams, Agent, Henderson, NV
Tue May 21, 2013
Yes it should have been disclosed to you.


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes
Aneta Ivanova, Agent, Las Vegas, NV
Tue May 21, 2013
The Realtor have to disclose to every party of agreement relationship. In this case you suppose to have a document call Confirmation regarding real estate relationship. If you have this signed you agreed. If you do not report this realtor to Real estate Division, for failure to disclose all facts.
0 votes
Hank Lauzon, Agent, Las Vegas, NV
Tue May 21, 2013
In Nevada,.....It is illegal not to disclose realtor relationship to the transaction. Stupid not to as well...........
It really doesn't take much to let all parties know that you are an agent. It doesn't affect the deal and all parties are informed.

Hank Lauzon III
Realtor

Exit Realty Number One
6600 W. Charleston #119
Las Vegas, Nv 89146

Cell 702-449-0899
Office 702-949-2409
Fax 702-543-6844

Web : http://www.HanksLVRealestate.com

Email: HankLVRealestate@aol.com

Facebook: http://www.Facebook.com/HanksLasVegasRealEstate
Never look down on anybody...unless you're helping them up.
0 votes
Rhonda Brink…, Agent, Las Vegas, NV
Tue May 21, 2013
You know now its illegal, if this really happen you should report this to the Nevada Real estate division. That is very unethical ,unprofessional and illegal. I cant stand Realtors that do stuff like that because it makes us all look like that.

http://red.state.nv.us/compliance.htm
0 votes
Thanks for the reply Rhonda.

I have another related question.
In the classified section of the newspaper under homes for sale
the ad will state 'realtor owned'...why would a realtor want to make this known.
What is the advantage of making this statement.
Flag Tue May 21, 2013
Thanks for the reply Rhonda.

I have another related question.
In the classified section of the newspaper under homes for sale
the ad will state 'realtor owned'...why would a realtor want to make this known.
What is the advantage of making this statement.
Flag Tue May 21, 2013
Thanks for the reply Rhonda.

I have another related question.
In the classified section of the newspaper under homes for sale
the ad will state 'realtor owned'...why would a realtor want to make this known.
What is the advantage of making is statement.
Flag Tue May 21, 2013
Andrew Lunsf…, Agent, Las Vegas, NV
Tue May 21, 2013
In Nevada. It's illegal. They must disclose all relationships. I would report them to the Real Estate Division.
0 votes
Matthew D'Er…, Agent, Las Vegas, NV
Tue May 21, 2013
It is not legal, moral or ethical. It is not how a Profesional Realtor conducts himself.
0 votes
Kathy Black, Agent, Las Vegas, NV
Tue May 21, 2013
No it is not legal. The law clearly states you must disclose any relationship you have in the buying or selling process to all parties involved in the transaction. This is truly a conflict of interest and should an agent participate in these kinds of activities they should be reported to the Real Estate Division. It is unethical behavior like this that give our profession a bad reputation.
0 votes
Thanks for the reply Kathy.

I have another related question.
From time to time in the classified section of the newspaper
under homes for sale...

The ad will state "realtor owned"
why would a realtor want that known...what would be the advantage of making that known.
Flag Tue May 21, 2013
Danya Gresham, , Las Vegas, NV
Tue May 21, 2013
No! They MUST disclose it...in writing.
0 votes
sorry about the repeats, it didn't seem to be doing anything when I hit the reply button!
Flag Tue May 21, 2013
Just to clarify - I misread the question when I was walking out and replying. I read the question as "is it legal". They can buy the property but they have to disclose that it is them...they can't trick you into it...that IS illegal, unethical, and down right dirty - plus stupid because the fine and potentially losing their license isn't worth the commission that they're going to have to pay back to everyone when they get called in front of the commission.
Flag Tue May 21, 2013
Just to clarify - I misread the question when I was walking out and replying. I read the question as "is it legal". They can buy the property but they have to disclose that it is them...they can't trick you into it...that IS illegal, unethical, and down right dirty - plus stupid because the fine and potentially losing their license isn't worth the commission that they're going to have to pay back to everyone when they get called in front of the commission.
Flag Tue May 21, 2013
Just to clarify - I misread the question when I was walking out and replying. I read the question as "is it legal". They can buy the property but they have to disclose that it is them...they can't trick you into it...that IS illegal, unethical, and don't right dirty - plus stupid because the fine and potentially losing their license isn't worth the commission that they're going to have to pay back to everyone when they get called in front of the commission.
Flag Tue May 21, 2013
Just to clarify - I misread the question when I was walking out and replying. I read the question as "is it legal". They can buy the property but they have to disclose that it is them...they can't trick you into it...that IS illegal, unethical, and don't right dirty - plus stupid because the fine and potentially losing their license isn't worth the commission that they're going to have to pay back to everyone when they get called in front of the commission.
Flag Tue May 21, 2013
Just to clarify - I misread the question when I was walking out and replying. I read the question as "is it legal". They can buy the property but they have to disclose that it is them...they can't trick you into it...that IS illegal, unethical, and don't right dirty - plus stupid because the fine and potentially losing their license isn't worth the commission that they're going to have to pay back to everyone when they get called in front of the commission.
Flag Tue May 21, 2013
Just to clarify - I misread the question when I was walking out and replying. I read the question as "is it legal". They can buy the property but they have to disclose that it is them...they can't trick you into it...that IS illegal, unethical, and don't right dirty - plus stupid because the fine and potentially losing their license isn't worth the commission that they're going to have to pay back to everyone when they get called in front of the commission.
Flag Tue May 21, 2013
Just to clarify - I misread the question when I was walking out and replying. I read the question as "is it legal". They can buy the property but they have to disclose that it is them...they can't trick you into it...that IS illegal, unethical, and don't right dirty - plus stupid because the fine and potentially losing their license isn't worth the commission that they're going to have to pay back to everyone when they get called in front of the commission.
Flag Tue May 21, 2013
Just to clarify - I misread the question when I was walking out and replying. I read the question as "is it legal". They can buy the property but they have to disclose that it is them...they can't trick you into it...that IS illegal, unethical, and don't right dirty - plus stupid because the fine and potentially losing their license isn't worth the commission that they're going to have to pay back to everyone when they get called in front of the commission.
Flag Tue May 21, 2013
Matthew Kamm…, Agent, Las Vegas, NV
Tue May 21, 2013
In Nevada, all licensees must disclosure they are licensed, even if in another state, as it is assumed a licensee knows more about real estate transactions and is at an advantage.
0 votes
Damon Bottic…, Agent, Las Vegas, NV
Tue May 21, 2013
Yes, in Nevada what you described would be illegal.
0 votes
There are often ways to uncover the connection if it exists. If the transaction has been completed, you may want to hire a private investigator.
Flag Tue May 21, 2013
There are often ways to uncover the connection if it exists. If the transaction has been completed, you may want to hire a private investigator.
Flag Tue May 21, 2013
There are often ways to uncover the connection if it exists. If the transaction has been completed, you may want to hire a private investigator.
Flag Tue May 21, 2013
Thanks for the reply Damon.
Its only illegal to rob banks when you get caught.
The shell name and or a cohorts name would be on the documents...the agents name would never appear...so to discover this "Texas two-step" would be difficult.
Flag Tue May 21, 2013
Ron Thomas, Agent, Fresno, CA
Tue May 21, 2013
Normally, if there is a conflict of interest, the Realtor is required to disclose the relationship.
0 votes
Thanks for the reply Ron
Illegal and unethical is a fine line. I call it the old "double clutch" or "Texas two-step"...this is the imaginary scenario:
[] The house can be sold for 185k with 10k to do the deal
[] The listing agent knows its worth 195k
[] If the agent buys it under a shell name...the agent is into it for 175k
[] The agent reloads it back out for 195k
[] The agent picks up 10 + 20 = 30k
Flag Tue May 21, 2013
Thanks for the reply Ron
Illegal and unethical is a fine line. I call it the old "double clutch" or "Texas two-step"...this is the imaginary scenario:
[] The house can be sold for 185k with 10k to do the deal
[] The listing agent knows its worth 195k
[] If the agent buys it under a shell name...the agent is into it for 175k
[] The agent reloads it back out for 195k
[] The agent picks up 10 + 20 = 30k
Flag Tue May 21, 2013
Thanks for the reply Ron
Illegal and unethical is a fine line. I call it the old "double clutch" or "Texas two-step"...this is the imaginary scenario:
[] The house can be sold for 185k with 10k to do the deal
[] The listing agent knows its worth 195k
[] If the agent buys it under a shell name...the agent is into it for 175k
[] The agent reloads it back out for 195k
[] The agent picks up 10 + 20 = 30k
Flag Tue May 21, 2013
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