A real estate agent must be licensed to do their job in Arizona. That means that there is a governing body monitoring the work that the agent does, and when they fail to meet the requirements of providing that care, the agent can have their licenses suspended or even lost. How can your Arizona real estate license be suspended? If you are worried about your license, our team is ready to go. Contact an Arizona real estate license defense attorney at Stewart Law Group now for a consultation.
Reasons for License Suspension in Arizona for Real Estate Agents
There are numerous reasons that a person may lose their license or face suspension for violations of the Real Estate Board. The following are some examples.
Breaching Client Confidentiality
In situations where the agent is given sensitive information and they share that information with any other party, breaching confidentiality rules could lead to suspension. That could include information such as:
- Sharing where a seller works
- Sharing marital status information
- Sharing the names of any family members
Any sharing of personal details of a client, including those who may be celebrities or other high-profile clients, could lead to license suspension.
Failure to Disclose
The agent has the requirement to disclose information, especially when there is any level of personal financial interest for the agent. For example, if the person’s home is a family member or you are selling real estate you own, that must be shared, or it could lead to a loss of your license.
Mishandling Financials
There are some situations in which a real estate agent may be given funds, such as escrow, to manage. Failing to use that money for required purposes or otherwise mismanaging those funds in any way can lead to license suspension for real estate agents.
Mortgage-Related Fraud
An agent cannot provide false information about the availability of a mortgage or the qualifications of buyers to have a mortgage in place. If a client is denied a mortgage after an offer is in, the agent cannot misstate that the individual has a mortgage or otherwise imply this information.
Not Complying with Regulatory Agencies
If you are subjected to any regulatory agency requests or concerns, such as due to a complaint from any party, you must comply with their requests for information. If you do not do so, that could lead to a suspension of your license. This may include any investigation by the Board of Realtors during an investigation.
Violations of Fair Housing Laws
Agents cannot in any way violate Fair Housing Laws, including discrimination related to race, color, national origin, religion, sex, familial status, or disability. Doing so could lead to significant suspension of a person’s license.
What to Do If You Are Up Against Claims
Perhaps you failed to complete your continuing education requirements, or you released photos that were doctored. No matter what type of violation you may have had, it is critical to pursue legal guidance and representation to preserve your license.
Contact Stewart Law Group for a consultation. Discuss your case with an attorney who knows how to protect clients’ licenses.
