Real estate agents in Connecticut must work hard to establish a real estate license. It can be frightening and frustrating if this license is in jeopardy. You can learn more on this page about real estate licenses and how to defend yours.
Getting a Real Estate License
In Connecticut, real estate agents must go through a lot of work to become licensed and be free to work as an agent. One of the major requirements before obtaining a license is completing the Principles and Practices Course. This course covers the subject matters that ensure real estate agents are prepared in knowledge, professionalism, and can be ethical agents. Some of the requirements for being a competent and professional agent include:
Knowledge of property laws.
Representation of listing to buyers.
Preparing legal documents.
Understanding of title records, leases, land use, and appraisals.
Knowledge of ethical and fair practices.
Understanding investments, taxes, and liens.
Becoming a licensed real estate agent is no easy feat as it requires an immense amount of knowledge, skill, and experience.
Because real estate agents are dealing with clients, property, and large amounts of money, the requirements for becoming a licensee are strict as well as the requirements for keeping a license. Getting a license requires taking the Connecticut Real Estate Salesperson’s Exam. After going through extensive training and taking a difficult exam, real estate agents are held to a high standard of competency and professionalism.
Issues With a Real Estate License
The Department of Consumer Protection and the Connecticut Real Estate Commission regulate real estate agents. In addition, the Commission is responsible for license applications, investigations, audits, complaints, hearings, appeals, and disciplinary action. Real estate agents not only face allegations from clients, but face the possibility of allegations from buyers, sellers, potential buyers and sellers, and competitors. Some allegations never amount to any discipline because they are unsubstantiated or they do not rise to the level of severity to warrant discipline. Allegations that could lead to discipline include:
Criminal convictions that are substantially related to the duties of being a real estate agent.
Mishandling broker trust funds, including shortages, conversion, or co-mingling funds.
Unlicensed real estate transactions.
Poor credit, bankruptcy, or background issues.
Unlicensed real estate corporations.
Unlawful payment of commissions.
Facing an Allegation
Once a licensee receives a statement that contains allegations, the licensee has a certain time period from the date it was sent to respond. This time period is generally 15 days to file a notice of defense and then contact an attorney for representation. There will be an investigation into the agent’s business, audits, financials, records, and other documents. The investigator can interview complainants and other people, but the agent that is being accused does not need to make a statement before getting the opportunity to first speak with an attorney. Although you should consult an attorney before making a statement, it is best to remain cordial and professional to the investigators and not try to ignore or explain away the allegations.
Once an investigation has been completed, the Commission can move forward with the allegations or determine that there is insufficient evidence for the allegations to stand. If you are going through this process or feel that your real estate license is at risk of being taken away, contact our office immediately to speak with someone who can advise you and answer your questions.