Broker loses $6.6M commission over unlicensed employee

A U.S. District Court in Virginia has ruled that international real estate broker Jones Lang LaSalle Americas is not entitled to a $6.6 million commission because a key employee involved in the transaction was not licensed as a real estate salesperson, The Washington Post reported.

“Although arising from a commercial leasing transaction, the case has implications in the residential market,” the paper said.

“The court’s ruling is a wake-up call to every real estate broker, landlord, tenant, homebuyer and home seller: Before you engage in real estate brokerage in Virginia, you had better possess all the requisite licenses.

“In addition, if you are a broker, you had better police your employees to make sure that anyone performing real estate salesperson tasks is appropriately licensed.”

Source: washingtonpost.com

Article continues below

Comments