Real estate is largely unregulated as compared to other asset classes. Real estate is an asset class whether you like it or not. The US put in licensing requirements and fiduciary responsibilities for financial advisors (brokers).
Compare a series 7 exam with RE license ‘exam’ and you’ll get the point. Why should RE brokers get special treatment?
In no other asset class, can you get 3/6% of the sale price while being so unethical / unaccountable. Real estate is top #3 when it comes to political donations. You think they do this b/c they care about politics? It’s how they keep the license to steal/misrepresent/defraud.
If people (and banks) who bought crappy RE really get stuck holding the bag, then I wouldn’t care. But you and I know that is the taxpayer who gets to eat the loss. So starting cutting the speculative problem off at the start with the brokers and mortgage bankers.
Better (liable/trained) brokers = less problems down the road.
