One of the things that I like about being a real estate agent is the tough code of ethics.

It is true that some agents play fast and loose with this. I’ve had one particular agent here in town (who was later profiled on “3 on Your Side”), whose repair contractors painted over termite damage and did not do the work promised in the contract. This guy had so many foreclosed homes on his roles, that he could not handle the details.

Anyway, the Real Estate Commission governs how an agent advertises themselves and even what incentives they can give clients.

This is all there to protect the home sellers and home buyers from people who know the rules of the road better than they do. Nobody wants to be taken advantage of by an agent. Buying a home is too big a deal.

So, I’m happy to see that the state (due to federal initiative) now requires mortgage brokers to be licensed. One of my broker friends was complaining earlier this year that she needed to take the test and be licensed. But she agree with why.

Check out this article in the Republic for more. This article actually gives me hope for our future housing market here in AZ.

Some really interesting points:

• “So far, 4,336 people have applied to be loan originators in Arizona and 2,413 licenses have been issued.”
• “Licensing advocates tried four times over a decade to get lawmakers to pass the new requirements.” So, there is our legislature again, protecting the home buyer!
• “Arizona ranks among the top 10 states for mortgage-fraud cases, according to the FBI.”