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Can a NY business broker without a real estate license list the real estate if he only takes a commision on th

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That was a good answer. Thanks Don.

Feb 28, 2013
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The BAF Group LLC
MD

You do any of that and you run a risk of running afoul in the ways I described. You want better answers, ask better questions. And you think I am tough, wait until the NY Real Estate Commission gets into it. Any time you list a piece of Real Estate, you are legally bound to provide justification, in any state I know of. And in any circumstance, the moment you open your mouth to provide an answer, you put yourself in legal liability. Tell the Buyer about what is on the property? You have committed a legal sin. Some states are tougher than others. Most allow you to say nothing, unless you are operating under the auspices of a Licensee, and that Licensee has done the work that is required by law. And even then, you - as a non-licensee - can say almost nothing of merit.

Feb 27, 2013
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That was all pretty insulting and foolish sounding for not knowing anything about me or my company. And although I would love to debate Don on the value of real estate agents just for sport… the truth is I respect the work that goes into licensing and believe the ones who DO work hard deserve the commissions they earn.
Now to clarify for those who might actually answer the question…
We do valuations, sales preparation, negotiations, etc. and until his recent retirement, would give all actual listing to a business broker. Research on business brokerage license and duties showed there is no license in NY and we do all but physically list the deal.
We almost never get private deals that include real estate, but of course our first one as new “listers” does. I just want to know if we can say “$xxx,xxx for the business and $xxx,xxx for the real estate” in a BizBuySell listing. Assume the buyer’s broker is a real estate agent and will collect commission on both the business and real estate.
Thanks,
Eric

Feb 27, 2013
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The BAF Group LLC
MD

First of all, why in the World would you be a Business Broker, without taking the next step and getting a License for your deals that include Real Estate transactions? What does that say about your level of commitment? Your judgment?

But moreover, if you undertake this listing, how badly are you short-changing your Seller? How do you represent the business without representing the Real Estate, or how much of a disservice to you do by representing the Real Estate illegally, or simply without knowing what you are doing? To do this would be an horrendously hazardous to your Client, to you, to the Buyer, and an inordinantly irresponsible act, in my view. If ANYTHING goes wrong, both sides could sue to up one side and down another, and there is no E&O or other insurance that would back you, in any way.

Feb 25, 2013

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