What states need a broker to hold real estate licenses for agents?
Posted on December 17th, 2009 in Renting & Real Estate | 4 Comments »
Lynn H asked:
I am a real estate agent in Minnesota. In the state of Minnesota I am required to have a broker hold my license. Thus, costing me a lot of money every month to be an employee of a brokerage. Are there any states that don’t require a broker to hold your license?
4 Responses
Flathead Lake Real Estate
No, to the best of my knowledge, every state has a broker who is responsible for the agent. Look for a flat rate brokerage.
New Homes Texas
You could always get your own broker’s license and open shop by yourself, saving the split, desk fees, etc.
But then you have to buy your own E&O insurance, maintain broker status by continuing education courses and pay rent for an office with it’s associated expenses.
Many people I know have broker’s licenses, but choose to work for another broker for these reasons.
Horses for Sale
All of them do.
Wood-Ridge NJ Real Estate
So, what you are trying to say is that you DO NOT want to pay anyone for the use of their office space, to do research on their computers, send and receive faxes on their fax machine, make and receive phone calls on their phones, write up offers with their forms, conduct closings in their conference room?
By law, you are not allowed to do business for yourself unless you are a broker. As a real estate sales associate, your legal actions are to be controlled by someone who is more knowledgeable than you.
Contracts with a broker can be negotiated. Perhaps you need a broker who will allow you to keep 100% of your commission while charging you for the use of their equipment, forms, etc on a monthly basis. But be warned, in this trying market it is rather difficult to get the sales. If you are conducting a couple of sales per month consistently in these hard times, then go to a brokerage which will do this.