AZ Department of Real Estate
Informational ALERT
There was some chatter about a Department sign that said the Commissioner posted a 'Cease and Desist Order' at the auction location. This is an official clarification.
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June 17, 2010
Judy Lowe, the Arizona Department of Real Estate Commissioner, has been made aware of a sign posted on or about June 14, 2010 at the Maricopa County Superior Court. The sign states the Commissioner has issued a Cease and Desist Order relating to any individual acting on behalf of a buyer in placing bids at a Public Auction without holding a valid Real Estate License in Arizona.
The Commissioner did not issue a Cease and Desist Order as represented. In addition, the sign was posted without the knowledge or authorization of the Commissioner, by a party or parties unknown.
That being said, the Arizona Revised Statutes regulating the performance of real estate activity in Arizona requires that any individual who acts on behalf of or offers to act on behalf of another in a real estate transaction and receives or anticipates receiving compensation for such representation must hold an active and valid Real Estate license in the State of Arizona. The definition of real estate activity comprises any activity that results in the sale of real estate.
It is the Commissioner's position that individuals or companies advertising their services to represent, or representing buyers, for real estate in Arizona, in the bidding at Public Auctions and receiving compensation for such activity are required to hold an active and valid Real Estate license in the State of Arizona.
In accordance with the Arizona Revised Statutes, A.R.S. § 32-2121.A (5) and (18) respectively, the following parties are included as exempted from the licensure requirements: A trustee selling under a deed of trust; and, a trust company owned by a bank holding company regulated by the federal reserve board or a bank in exercising its fiduciary duties under the terms of a trust agreement to which real property is subject.
Information on obtaining an Arizona Real Estate license is available at the Arizona Department of Real Estate website at www.azre.gov.
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Bryan Watkins sells real estate in Arizona. He has been at the auction and won bids on properties. It can be a scary game to play for the uninitiated and uninformed. Contact Bryan for information on your next home or other fine properties at 480-734-7878 or bryan@LRAphx.com.
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