A real estate agent must have a license in order to work legally, similarly to how doctors and nurses need to have a valid license. If they lose this license for some reason, it’s impossible for them to continue in their career.
But it’s often easier for people to understand why a doctor or a nurse could lose their license after making a critical mistake or harming a patient. Why would a real estate agent run this risk? Let’s look at a few reasons why agents may lose their license.
A felony conviction
First and foremost, a felony conviction can often be grounds to revoke a license or deny one initially. This is especially true with a crime of moral turpitude. These are very serious crimes and having a felony on your record can keep you from working in the industry indefinitely.
Misappropriation of funds
Another issue is that you may need to handle funds from your clients at some point in the process. If this money is used incorrectly, lost, or even stolen, that could be grounds for the revocation of a license. A pattern of behavior is often very important if the authorities are looking into something like this.
Finally, real estate agents need to make sure that they are not so eager to make a sale that they will mislead or even lie to their clients. They need to be honest at all times so that the clients can make the best possible decisions for themselves. An agent who puts profitability over their client’s best interests can find themselves in a problematic situation.
If you are worried about losing your license, or if you’re facing these types of accusations, be very sure you know about your legal defense options.