Real Estate: Why Do We License Brokers & Agents?
August 31st, 2009 By Peter G. Miller
Across the country we license many professions, everyone from barbers to lawyers. There are several basic reasons for such licensure:
- To protect the public against unethical and incompetent practitioners.
- To assure that practitioners have certain minimum levels of education and experience.
- To assure that consumers receive certain minimum levels of service.
- To define what is and what is not ethical.
- To provide a forum for public complaints.
- To punish practitioners with fines and the suspension or revocation of their licenses should they engage in material misconduct.
- To reward those who meet certain standards by limiting competition to individuals with licenses.
Given that real estate involves an important and complex financial transaction, consumers want to know that brokers and salespeople are competent and ethical, standards established with regulation and licensing.
Syndicated originally by Content That Works and posted with permission.
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