Expert: Jessica Bryan - 8/28/2010

Question
What duties shouldn't be done by a realtor? I have a situation where my realtor only has a salesman provisional license and i found out her loan originator license were denied due to fraudulent activity. Was she suppose to be pulling my credit report and can she be an assistant broker in charge with no loan license

Answer
Dear Carson;
First, why would you be using a real estate salesperson who had fraudulent activity on or in any business?  If you have an option, use only someone with whom you feel comfortable, who is honest, and ethical!  By the way, the difference between a real estate agent and a REALTOR is the REALTOR is a professional association and those who are members are governed by a higher set of standards.  You will see the designation in all caps--REALTOR.  As a REALTOR we are required to take ethics classes every four years as well as the yearly updates.  REALTORS also supervise behavior through professional standards.

As for your question, your agent cannot pull your credit report unless she has been authorized by you to do so. However, various states around the country may have different rules and laws pertaining to what an agent can or cannot do.  If the agent is within the right to pre-qualify you for a loan because it is done in your area, then regardless of her provisional license, she can do so. If you are unsure what is allowed in your state, call the State Real Estate Commission. For example, some states limit the amount of 'legal' work an agent can do on a contract while others allow quite a bit without perceiving it as acting as an attorney.  Clearly, anything or any activity requiring a license to perform a service should not be done by a real estate agent.  So, if (for example)you find the agent offering to perform an official appraisal, a construction repair, or getting you a loan, the activity requires a license in that field.

Best Wishes,
Jessica Bryan