Becoming a Realtor Questions????????? - Posted by Bill

Posted by bill on February 05, 2006 at 10:37:58:

i live in illinois and just gotmy license a week ago. i havent looked at the mls yet but that seems to be the main advantage. if you search you will find that this question has been asked many many times. it cost me about 250 for my prelicense course, a fair amount of work and 2 test to get licensed. then there are mls and other fees. the broker i am going to work for has alot of rentals and does some creative buying and selling and he said being licensed has helpd him alot. about the only negative i have found doing searches is agent disclosure but that is debatable.

good luck

Becoming a Realtor Questions??? - Posted by Bill

Posted by Bill on February 05, 2006 at 10:10:06:

Right now I have a few rentals and have flipped a few homes. I am considering becomming a real estate agent or have my wife become an agent. How would that change the way I do business in respect to:

1 The Guru agreements I use currently. If I was an agent could I still use them or would I have to use the state forms?

  1. My “I Buy Houses” postcards and business cards. Would I have to put on those that I was a Agent?

  2. Would it effect my ability to do, Short sales, Sub to transactions, etc?

  3. If my wife were a agent would that effect the tranactions that I do in any way?

I know I have to disclose that I am an agent to someone if were buying thier house. But do I have to add Realtor or Agent after my name on everything I do?

Re: Becoming a Realtor Questions??? - Posted by John

Posted by John on February 05, 2006 at 21:18:17:

If you are an agent the answers to these questions would depend on state law and your broker. I was a licensed agent 20 years ago and things changed alot in that time.
I believe you have to use the MLS/REIN forms #1
#2 Yes, Disclosure is required in all states to some degree failure to do this can cost you big time, in the way of license revokation and lawsuits.
#4. I don’t believe it would change anything in the way you do things now, but to be on the safe side I would disclose this in passing as well.