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I am an unlicensed assistant in AZ for a broker who owns and operates the company. Can I do BPO's for Fannie Mae... we are a direct listing broker. I am required to pull up the comps, take pictures, and make the valuations my boss/broker will look this over before submitting to Fannie Mae, my name will be on the submission form. I dont feel comfortable with this and asked if I was even allowed to do this and was told it was OK as long as he looks it over before submitting. My gut said no, so I looked it up on the internet and couldnt find a definitive answer, but I found that I am not allowed to get commissions. This really troubles me as I make a salary plus 10% commissions for all these Fannie Maes that we sell and his personal listings. I do not get commissions from other agents that he oversees their listings and sells. All of this is outside and after escrow closes and then he takes payroll deductions out of the commissions. Is this OK?
I am an unlicensed assistant in AZ for a broker who owns and operates the company. Can I do BPO's for Fannie Mae... we are a direct listing broker. I am required to pull up the comps, take pictures, and make the valuations my boss/broker will look this over before submitting to Fannie Mae, my name will be on the submission form. I dont feel comfortable with this and asked if I was even allowed to do this and was told it was OK as long as he looks it over before submitting. My gut said no, so I looked it up on the internet and couldnt find a definitive answer, but I found that I am not allowed to get commissions. This really troubles me as I make a salary plus 10% commissions for all these Fannie Maes that we sell and his personal listings. I do not get commissions from other agents that he oversees their listings and sells. All of this is outside and after escrow closes and then he takes payroll deductions out of the commissions. Is this OK?
Tell the truth maefran. They are a PITA to do and you don't like them and you don't want to do them and you are hoping that you will find a way to get out of it. "What really troubles me is that I make a salary plus 10% commissions..." Really? you want us to believe that you are troubled by making money? ahem ---->
If you contact the board on this, you might endanger your boss' job which would, in turn, endanger yours. I don't think you want that.
If you really don't like doing these BPOs that much, tell your boss. Maybe you can figure out something together.
Your broker would be in a lot more trouble than you, if this is indeed unlicensed activity. I believe it is however, your state may have different guidelines. As 20yrs said, talk to your boss about what is really bothering you, and find a mature solution. I'd get my license if I were you!
No I am not troubled by making money, I am troubled by finding out that this money has been illegal and wouldnt touch it now that I have become aware. I also dont mind the work load of doing a BPO, again it was the legality of it and wouldnt do it if I knew it to be unethical.
Last edited by maefran291; 11-06-2011 at 02:47 PM..
Reason: To make my myself more clear
...and I can assure you that it has been like pulling teeth as an unlicensed person to access the Arizona Association of Realtors or Arizona Department of Real Estate or Fannie Mae to confirm beyond the assurances of my boss what I can and cannot do legally. I do not want my license, I want to work only within my scope as an unlicensed assistant as always.
32-3602. Applicability of chapter
This chapter does not apply to:
1. A real estate broker or salesperson who is licensed in this state and who, when acting as such, gives an opinion as to the price of real estate if this opinion is not referred to as an appraisal.
Now, if you were just doing research for your broker and he provides his price opinion and signs the form as such, then that may be acceptable. But not if you are signing the form as your opinion of price.
Edit: Just wanted to add, that if you are uncertain about your legal responsibilities, then suggest you consult with an RE attorney.
Last edited by rjrcm; 11-07-2011 at 09:38 AM..
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