Hello there,
I have a question regarding the new changes to business brokers licensing as of March 2020. In the new license role of Assistant Agent in Real Estate – Business Agent, is the person legally and ethically able to promote and title themselves as a "business broker"?
This appears a grey area, as they are not actually licensed as a full agent, but rather an assistant agent who requires supervision and cannot sign/make deals without their licensed supervisor, as well as their supervisor needing to go over the documentation/information regarding any businesses they are representing to ensure it is true and accurate.
I have been attempting to purchase a business where I have been dealing by an Assistant Agent in Real Estate – Business Agent, who did not disclose this and in fact made representations that they are a broker (on all their promotional advertisements) with decades of experience, however the documentation, and information supplied has been proven to be false and misleading, to the point of being told total lies regarding many aspects of the business. The lies which I have been told have caused me financial loss to a significant sum, and the sale to fall over. This was not a case of a vendor supplying the "broker" with false information and it being passed onto me. The "broker" just made up stories and lies to coerce a sale, which were found to be evidentially untrue.
I am now in the situation where I will be reporting this "broker" for their false and misleading conduct, however I am unsure of if the Assistant Agent in Real Estate – Business Agent is at fault (ethically yes but legally?) or their licensed supervisor who should have been checking their work to ensure their were not weaving a web of lies is where the buck stops?
Has anyone else been in a similar situation or can shed any light into this dilemma?
Thank you in advance.
I have a question regarding the new changes to business brokers licensing as of March 2020. In the new license role of Assistant Agent in Real Estate – Business Agent, is the person legally and ethically able to promote and title themselves as a "business broker"?
This appears a grey area, as they are not actually licensed as a full agent, but rather an assistant agent who requires supervision and cannot sign/make deals without their licensed supervisor, as well as their supervisor needing to go over the documentation/information regarding any businesses they are representing to ensure it is true and accurate.
I have been attempting to purchase a business where I have been dealing by an Assistant Agent in Real Estate – Business Agent, who did not disclose this and in fact made representations that they are a broker (on all their promotional advertisements) with decades of experience, however the documentation, and information supplied has been proven to be false and misleading, to the point of being told total lies regarding many aspects of the business. The lies which I have been told have caused me financial loss to a significant sum, and the sale to fall over. This was not a case of a vendor supplying the "broker" with false information and it being passed onto me. The "broker" just made up stories and lies to coerce a sale, which were found to be evidentially untrue.
I am now in the situation where I will be reporting this "broker" for their false and misleading conduct, however I am unsure of if the Assistant Agent in Real Estate – Business Agent is at fault (ethically yes but legally?) or their licensed supervisor who should have been checking their work to ensure their were not weaving a web of lies is where the buck stops?
Has anyone else been in a similar situation or can shed any light into this dilemma?
Thank you in advance.
