GrampaTim
TUG Member
- Joined
- Aug 20, 2018
- Messages
- 32
- Reaction score
- 38
- Points
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- Resorts Owned
- Carlsbad Seapointe
I'm a licensed real estate agent in CA, and we have a number of regulations related to any real estate transaction. For those who have knowlede of CA regulations, and timeshares, here are a few questions:
1). I understand that a CA DRE Sales License is required to sell timeshares. If so, doesn't that mean anyone presenting the timeshare offering must be licensed ? As an agent, I cannot have an unlicensed person presenting an offering to a client.
2). Also, as an agent, I must have my license on all documents, including business cards. Does that somehow not apply to timeshare agents ( new sales ), and the transaction documents provied by the developer
3). A timeshare representative acts in the capacity of a dual agent for the client and the developer. Don't they then have a fiduciary responsibility to fully disclose all aspects of the transaction to the potential buyer ? Are they not violating the law if they misrepresent information ( the typical timeshare spiel ) ?
4). Shouldn't the agent be providing the potential buyer with full market data on the historical sales at that project ? This is what an agent would provide to their client seeking to purchase a home.
5). Does the developer have an obligation to disclose all available inventory and the prices? Of course, with new home sales, this is a standard proceedure, but it never occurs with timeshares.
Your input on any of these is appreciated
1). I understand that a CA DRE Sales License is required to sell timeshares. If so, doesn't that mean anyone presenting the timeshare offering must be licensed ? As an agent, I cannot have an unlicensed person presenting an offering to a client.
2). Also, as an agent, I must have my license on all documents, including business cards. Does that somehow not apply to timeshare agents ( new sales ), and the transaction documents provied by the developer
3). A timeshare representative acts in the capacity of a dual agent for the client and the developer. Don't they then have a fiduciary responsibility to fully disclose all aspects of the transaction to the potential buyer ? Are they not violating the law if they misrepresent information ( the typical timeshare spiel ) ?
4). Shouldn't the agent be providing the potential buyer with full market data on the historical sales at that project ? This is what an agent would provide to their client seeking to purchase a home.
5). Does the developer have an obligation to disclose all available inventory and the prices? Of course, with new home sales, this is a standard proceedure, but it never occurs with timeshares.
Your input on any of these is appreciated