Remembering TCPaul, 2016-2019

Attys With Exp. Working as a Realtor or Mortgage Broker

How long did it take you to get licensed and become profitab catwoman33303/28/19
I happen to be admitted in a state that essentially allows l jaredj03/29/19
It’s a profession that needs to fall. massivemissive03/29/19
catwoman333 (Mar 28, 2019 - 11:26 pm)

How long did it take you to get licensed and become profitable as either a realtor or a mortgage broker? Just thinking of developing a side business to supplement income as an atty.

Thanks.

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jaredj (Mar 29, 2019 - 2:34 pm)

I happen to be admitted in a state that essentially allows lawyers to act as brokers (not mortgage brokers, real estate brokers).

If you're serious, be prepared for immense frustration. I've been involved in residential transactions in four jurisdictions, and "realtors" (can you believe they still claim a trademark on that word?) are some of the most ignorant and unscrupulous people I have come across. In spite of their lack of knowledge of the law, most "realtors" nevertheless engage in the unauthorized practice of law daily (New Jersey actually acknowledges this and allows a three day "attorney review period" for any "realtor" drafted contract).

I've found that it is difficult to engage in negotiations with "realtors" due to my attorney background. I take my duties to my clients seriously (as has been ingrained in us since the first day of law school), but "realtors" do not understand the concepts of fiduciary duties and instead are more interested in perpetuating the current system that leeches 5 to 6 percent from every sale.

The adhesive form contract developed by your state's local "realtor" association epitomizes the scheme and generally includes onerous, consumer-unfriendly provisions, e.g. indemnification of the realtor/brokerage. I've even seen one that required mandatory mediation before a panel of "realtors" for ANY claim arising out of the transaction. The attorney inside me cannot in good conscious recommend that a client agree to such provisions, and, naturally, the "realtors" refuse to transact without the adhesive form contract.

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massivemissive (Mar 29, 2019 - 3:21 pm)

It’s a profession that needs to fall.

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