Re: Just keep it simple please! - Posted by JohnBoy
Posted by JohnBoy on November 05, 2000 at 03:49:05:
It looks to me like the law quoted from your state says you can buy and sell up to 4 properties without a license within a one year period for your own personal self. 5 or more within 1 year will require you to have a license or at least be represented by an agent or broker to sell the 5th property and above in any given year. Even if you own it and you sell for your own account. Did I read that wrong?
Posted by Mark-NC on November 05, 2000 at 09:15:18:
Hey Jim,
This will teach you to be so “helpfull and thorough” with your responses. LOL.
I guess you have to check to see if the rules of “Mumbo Jumbo” applies in your state. And if you don’t want to read them, I guess you can make up your own rules untill you get caught.
Re: Just keep it simple please! - Posted by Houserookie
Posted by Houserookie on November 06, 2000 at 24:35:18:
I just spent the last hour searching the rules regarding RE in MN, and I didn’t see anything
in law that says anything to do with five limit,
or the need to use agents after the five.
I could be wrong, and if so, please let me know.
I do know, however, that in MN you can only sell
6 1/2 cars per year without a license. : )
Re: Just keep it simple please! - Posted by JohnBoy
Posted by JohnBoy on November 06, 2000 at 01:11:46:
Piper posted it in his first response to you. Here it is again:
The Minnesota Code says a license is required when :
?f) engages wholly or in part in the business of selling real estate to the extent that a pattern of real estate sales is established, whether or not the real estate is owned by the person. A person shall be presumed to be engaged in the business of selling real estate if the person engages as principal in five or more transactions during any 12-month period, unless the person is represented by a licensed real estate broker or salesperson.?
Looks obviously clear to me that is says if you sell 5 or more properties per year even if the real estate is owned by you (principle) that you need a license or at least need to be represented by a realtor to sell the property once it becomes your 5th one you’re selling within a 12 month period. Do you read this differently?
Re: Law…Just keep it simple please! - Posted by JohnBoy
Posted by JohnBoy on November 06, 2000 at 10:46:11:
First of all, the limit is FOUR! FIVE OR MORE require’s a license or representation by a realtor or broker.
If an OPTION or a CONTRACT is pertaining to real estate, then that IS real estate, period!
If you sell on a contract, then it IS a sale. If you sell using an option to buy, then in my opinion it wouldn’t become a sale until the option is exercised. If you end up with any combination of making a direct sale or where you have people exercising their options that exceed a total of FOUR sales within a 12 month period, then on the FIFTH sale you would need to either have a license or be represented by an agent or broker.
As far as finding one to work with you that you can get to just step into a deal to have representation to keep within the requirements of the law where they will take an easy $500 or something, why not? All you need is a agent or broker to agree on it and wouldn’t see a problem.