with fingerprints, how degrading. Get treated like a common criminal just to be in business.
The rest is pretty accurate, (for Ohio) with some slight variation for costs for the education requirements depending on where one would go for that education.
Way back when we used to take the test with a lead pencil, by blocking out the spots on the test. All day test too for a brokers license. I understand that the test is now on computer, still have to take your body to them to take it. Photo I.D. to get in the door, and the computer selects a test for you at random, so you can not copy successfully; and no pencil needed. Progress, what next?
Posted by Michael on September 08, 2002 at 11:23:32:
Hello all, hope your having a profittable day;
My situation is that I have an investor who’s using me exclusively on a purchase and a sale, as far as locating property, and locating a buyer for whats for sale. I’ am not doing any of the contract work, he has a legal team to handle all that.
My question is when I’m paid for my services, do I need to have a business liscense to keep it legitimate? The amount I’m going to make frome these 2 transactions borders on 114k and I want to keep it all legitimate.
Also,I’m sure it would benifit me to tie this money back up as soon as possible to save as much on taxes as I can. Any suggestions? I am fairly new to REI, and would like to diversify it across as many creative assets as possible.
Thanks for taking the time to reply!
I am a real estate broker in Ohio. In my state if I “bring buyer and seller together, for a fee” I need a real estate brokers license. Sounds just like what you said, to me.
I do not know what state you are in, so I do not know the specific wouding in your state. Most likely it is close, state to state.
Of course there are ways to avoid needing to be licensed, the most common being to become a principal in the transaction. Unfortunately there are not too many ways to avoid needing to know the laws and rules. Experience is a good teacher, but she can be harsh and costly.
Re: Real Estaste Brokers License - Posted by Michael
Posted by Michael on September 08, 2002 at 15:24:03:
A few more questions for ya then…
What exactly does it take to become a broker? Do I have to become an Agent first? And where are there courses available? Also… I’d appreciate it if you’d reccomend any…
Thanks for you time in responding!
Re: Real Estaste Brokers License - Posted by Ed Copp
Posted by Ed Copp on September 08, 2002 at 15:57:03:
The answer is state specific, that is to say it may very well be different in your state from my state. So I will tell you about Ohio.
You need to be at least 18 years of age, high school graduate, and of good character. Then you need 120 hours of specific education, that’s 120 hours classroom time. You then need to take (and pass) a test. At this piont you will need a broker to sponsor you. You will have $1,000 to $1,100 tied up in education and tests at this point (not a write off in most cases either).
Now you need to complete a 2 year peroid of engaging in the real estate business as an agent, under the supervision of a broker. After that time has passed, and you have kept your continuing education current you can then take a brokers test. You need to pass this too. Shortly after passing the brokers test you will need to take some more continuing education ( 10 hour class I think). $300 to $400 in the added education and tests at broker level.
That’s about it.
Like I said earlier there are ways to not need to get a brokers license, one of them is to become a principal in each and every transaction. That also is state specific, in other words it works in Ohio today, but may not next year or may not work in some other state.
Ed, Are you generalizing, or is this really a requirement?
… You need to be at least 18 years of age, high school graduate, and of good character.
Ok, 18 years of age.
Ok, Basic education.
BUT, how does Ohio define ‘good character’. My guess is there is a criminal background check and that must be clean. Washington has criminal checks and even the renewals have questions to keep this in balance.
Criminal background check = Generalized good character