What Sellers and Buyers Should Know About a Real Estate Broker/Agent
Broker (corridor) is the person or entity that has been licensed by the state to employ agents to sell real estate.
An Agent (Vendedor) is a license person that works for the Broker (Corredor) and can not get paid from the seller direct.
(1) It is ILLEGAL to sell real estate without a license in Puerto Rico - It is unlawful for any person to engage in the business, act in the capacity of, advertise, or assume to act as a real estate broker or a real estate salesman without first obtaining a real estate license from the Junta de Corredores y Vendedores, If you are caught, you will be fined and possibly jailed.
(2) sells or offers to sell, buys or offers to buy, solicits prospective sellers or purchasers of, solicit or obtains listings of, or negotiates the purchase, sale or exchange of real property or a business opportunity. The same laws apply for leasing as well. Sells or offers to sell, buys or offers to buy, or exchanges or offers to exchange a real property sales contract or a promissory note secured directly or collaterally by a lien on real property or on a business opportunity, and performs services for the holders thereof.
The legal homeowner is the only one who can sell by owner and if they hire a representative is must either be licensed realtor. It is unlawful for any licensed real estate broker to employ or compensate, directly or indirectly, any person for performing any of the acts within the scope of the above described acts, who is not a real estate licensee; no real estate salesman shall be employed by or accept compensation from any person other than the broker under whom he is at the time licensed. It is unlawful for any licensed real estate salesman to pay any compensation for performing any of the acts within the scope as described above. Provided every partner through who the partnership so acts is a licensed real estate broker............... Any person acting as a real estate sales person without a license or who advertises using words indicating he or she is licensed without being so licensed shall be guilty of a public offense punishable by a fine not to exceed $10,000 or imprisonment in the county jail not to exceed 6 months; if a corporation - such as your LLC, it is a fine of $50,000.
When you list a property with a license Real Estate Broker, he/she shall not employed a non-license agent to take care of the phone calls, or giving information about the property, showing the property to prospects, hold open houses etc.
When you list a property for sale, the seller should ask for a copy of the Broker’s and the Agents individual licenses, then call the office of real estate for Puerto Rico (Junta de Corredores y Vendedores del Estado Libre de Puerto Rico) (787) 722-2122 EXTS. 229 y 234
If you find out that any broker has an expired, revoked or no license at all, you are not obligated to pay such commission and should report that person to the authorities.
Selling real estate is a serious business and that’s why it is regulated by law.
Call Elder Lopez to list your property. Lic # 12624
I’m not a lawyer, Most of this information cames from the real estate code of ethics. this is just for information purposes only and if you have any questions you should contact an attorney or contact the office of La Junta de