Posted by bumblebee on December 08, 2004 at 22:31:19:
I too have this infomercial course and the Illinois Department of Professional registration says you have to be registered to broker notes (securities). I have had some trouble getting a straight answer from the IDPR, their real estate folks were clueless. Someone from their financial regulation said you had to be registered. I am going to follow up more on this tomorrow.
License needed to broker notes in California - Posted by Daniel Larioza
Posted by Daniel Larioza on December 08, 2004 at 15:20:26:
Anyone thinking of brokering notes in California read this:
http://www.dre.ca.gov/faqs_mlb.htm
It states:
"Q. - I am not licensed as a real estate broker or
real estate salesperson and I am only going to assist
private parties who wish to sell their notes (secured
by real property) for cash to another party
(investor), perhaps in another state. Is a real estate
license required if I conduct this activity in
California?
A. - The activity described, so-called note brokering,
requires a real estate license if performed in
California. This includes the solicitation of
California note owners, whether in person, by mail,
telephone, or other means of communication. One of the
definitions of a real estate broker is:
"…a person who, for a compensation or in expectation
of a compensation, regardless of the form or time of
payment, does or negotiates to do one or more of the
following acts for another or others:
?(e) Sells or offers to sell, buys or offers to buy,
or exchanges or offers to exchange a real property
sales contract, or a promissory note secured directly
or collaterally by a lien on real property or on a
business opportunity, and performs services for the
holders thereof."
There are companies engaged in the discounted purchase
of certain mortgages, primarily those carried back by
residential sellers and secured by the transferred
real property. The companies hold seminars to recruit
people to solicit and negotiate the sale of these
mortgages. Seminar attendees are informed that they do
not need a real estate license to engage in this
activity. In California, this is wrong because the
activity fits the definition quoted above."
Not Exactly! - Posted by David Butler
Posted by David Butler on December 09, 2004 at 13:18:11:
Hello Daniel…
Better they (and you) to read this…
“Incorrect Conclusion”
http://www.creonline.com/cashflow/wwwboard3/messages/15019.html
along with the several other detailed discussions here in this Forum, with regard to the licensing question in general, and as it relateds to the very few states that have any form of licensing issues that MAY come into play with regard to SPECIFIC activites that are NOT exempt from licensing.
Hope that helps less miscerption, and more clarity to a subject that is well-covered here!
And best wishes for your success!
David P. Butler