Posted by Chris-Fl on October 19, 2005 at 08:09:14:
I recently sat through an IFREC class in the hopes of becoming a liscensed real estate agent. During the 1st day of this class I was informed that as an agent you are not allowed to be an owner, principal, director or have any involvement with a “Real Estate Corporation” other than where you hang your license.
Now, this has put a totally unique twist on things as I currently own 2 real estate corporations. 1 is my primary breadwinner where I buy, fix and sell single family houses and the 2nd company solely owns a small office building.
Through my marketing I can honestly say that I was not the solution to a minimum of 3 peoples situations in the last 30 days where if I were licensed I could have walked out of the sellers home not with a deed or a purchase and sales agreement but with a listing. This could have potentially been over $12K in commissions instead of a waste of time for me.
I was also informed during the class that you must be an agent for 12 months before you can take your brokers exam. As a broker you can own your own real estate company which would no longer be an issue.
What can I do to make this work? Relinquinsh my position in my 2 companies for 12 months and become a broker? Try to fly under the radar?
Anybody out there ever come into this? I’m sure I am not alone and I truly would appreciate any responses.
Posted by RMW(FL) on October 19, 2005 at 10:34:25:
They are referring to a Real Estate Brokerage not a corporation or LLC who’s primary business is investing in real estate. You are only allowed to hang your license with one brokerage. I am a FL REALTOR and own 3 seperatate corporations to “control” real estate and hang my license with my broker. You however MUST be an agent for 12 months before you can open up your own brokerage.
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