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CitiBank: Terminate Real Estate License or you're Fired. California

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  • CitiBank: Terminate Real Estate License or you're Fired. California

    My father works as a Bank Branch Manager in CA and there is a new policy pertaining to all Bank employees who hold active real estate licenses (there are about 70 of them in CA area). They are being told to either terminate the license immediately or else they will be terminated from employment.

    My father is not using his license as a second source of income, he isn't using it at all. But, he worked and studied hard for it, paid for it, and considers it an educational degree and a hard-earned achievement that he doesn't want to give up. It is a requirement for higher licensing degrees such as that of mortgage broker and he wants to keep his real estate license intact and active in case he ever leaves this bank.

    Is it legal to ask them to terminate their licenses?
    Last edited by prazi82; 04-30-2008, 01:28 PM.

  • #2
    There is no law that would prevent it. If he is not using it then it would be silly to refuse for no reason but that is his choice. Please delete the name of the employer from the post.
    I post with the full knowledge and support of my employer, though the opinions rendered are my own and not necessarily representative of their position. In other words, I'm a free agent.

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    • #3
      It is also a bad idea to mention the name of the company on a public website. You might want to edit that out.
      "Reality is that which, when you stop believing in it, doesn't go away".
      Philip K. **** (1928-1982)

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      • #4
        So, even though when he entered into contract to work with this bank, they were fully aware that he held an active real estate license, the best answer is "tough luck"? I don't buy that. They are asking someone to terminate an educational achievement that they worked hard for and paid money for. They cannot just arbitrarily ask them to terminate or be terminated based on a hypothetical conflict of interest. There should be some sort of compensation or mutual agreement where both sides will be left satisfied.

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        • #5
          Holding a real estate license is not a legally protected characteristic. Whether he would use this to the company's detriment or not it isn't illegal to decide that as a company, they aren't opening themselves up to the risk that someone might by permitting those who hold this license to work there.
          I post with the full knowledge and support of my employer, though the opinions rendered are my own and not necessarily representative of their position. In other words, I'm a free agent.

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          • #6
            Also, the recent well publized bail out of a leading commerical banker (who I will not name) for real estate related problems might indicate that other banks are belated cleaning up their houses.
            "Reality is that which, when you stop believing in it, doesn't go away".
            Philip K. **** (1928-1982)

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            • #7
              Originally posted by DAW View Post
              Also, the recent well publized bail out of a leading commerical banker (who I will not name) for real estate related problems might indicate that other banks are belated cleaning up their houses.
              Agreed.

              With just a bit of research, I found a few stories about moonlighting realtors using the mortgage company they worked for to push through loans for their own clients.

              I can see why this would be very bad.
              Not everything that makes you mad, sad or uncomfortable is legally actionable.

              I am not now nor ever was an attorney.

              Any statements I make are based purely upon my personal experiences and research which may or may not be accurate in a court of law.

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