Do you have to have a License - Posted by Janet

Posted by Lyal on February 10, 2005 at 20:17:54:

I understand the concept. I can’t even say anyone has ever been charged with violating the law. I know there are tons of people buying and selling without a license. I was just pointing it out.
I also had a conference call some time ago with several people from the dept of administration who told me that a licensed realtor could NOT buy and sell for his own account…go figure.
All the best, Lyal

Do you have to have a License - Posted by Janet

Posted by Janet on February 09, 2005 at 14:07:06:

Hi, I’m a newbie here and have been interested in REI for some time now. My interest is in buying homes rehab, then sell them for a profit; also rental property. My question is do I have to pass some kind of state test for Licensing to be a Real Estate Investor, or Landlord. And do I have to get a Business License to do REI.

Thanks for any replies.
I am in Tennessee.

Re: Do you have to have a License - Posted by Minneapolis

Posted by Minneapolis on February 09, 2005 at 18:00:21:

No, you don’t need a license for none of that. But some investors do get a RE license just so they have easy access to the MLS. But no, you don’t need a license for investing or landlording.

Re: Do you have to have a License - Posted by Lyal

Posted by Lyal on February 10, 2005 at 06:56:14:

Assuming you are in MN and not just using the city name, if you read the MN statutes, you’ll find that if you are involved as a buyer or seller in 5 or more transactions a year, you must have a license.
All the best, Lyal

Re: Do you have to have a License - Posted by Janet

Posted by Janet on February 09, 2005 at 19:24:24:

Thank you!

Re: Do you have to have a License - Posted by Minneapolis

Posted by Minneapolis on February 10, 2005 at 19:49:05:

I know that’s the statute. The thing is, I’m not selling property, I’m selling the OPTION to buy the property to another investor. Since I don’t own the property, how can I sell it?