Broker or landlord <=> broker fees

[stanNYC]

What is the name of your state? NJ

I moved last year in my apartment and I actually paid broker fees to the supposedly broker. later, I found out that he was the owner of the building. So I dealt from the beginning with the owner but the check was for xxx,LLC.

i assume that he actually created his own real estate company and the check was made to it.

However, he has never shown me his license but he was a Realtor before for ReMax.

2 questions:
a- is a license given for a lifetime and when you change real estate, the license is kept ?
b- is it legal to pretend being a realtor when you are the owner and get fee as he never showned me his license?

thank you for your help

 

[Cvillecpm]

Realtor is a term for members of the National Association of Realtors which is a TRADE organization and NOT a licensing body.

A Realtor must usually hold a RE license EXCEPT for 14 states which don't require a RE license for certain licensing activities. You can check NY or NJ state RE licensing website for the man's license status.

 

[Gadfly]

There are many kinds of brokers, RE, Mortgage, Auto to name a few. Did he specifically state he was a RE broker or did you assume that part?

Further, there is little wrong or illegal with being a RE broker and a property owner, but most states make you declare your position.

 

[Paddy Reagan]

a- is a license given for a lifetime and when you change real estate, the license is kept ?

Real estate licenses are granted upon fulfillment of requirements that vary by state and must renewed periodically by paying a fee and, in some states, fulfilling continuing education requirements.

b- is it legal to pretend being a realtor when you are the owner and get fee as he never showned me his license?

It's quite common (and proper) to be both a property owner and a real estate broker. If I own an apartment complex under the name AA, Inc., and operate a brokerage as BB Real Estate, Inc., my objective is to make a profit with both entities. My real estate company manages my apartment building and pays operating expenses for office space, personnel, etc. Its income is derived from application fees and commissions. The company may manage a dozen buildings, including my own. Regardless of which building you choose, the fees and/or commissions are the same to you. There's no reason to hide anything. All transactions in this scenario are appropriate.

As for the license, if you visited the broker's leasing office, it should have been posted in some fashion (requirements vary by state). While it's necessary in most states for a broker to disclose that he's an owner of a property he is selling, requirements are usually not so strict for an owner who is leasing his own properties.