Confused - Can Someone Clarify Please? - Posted by Scott

Posted by Rob FL on November 28, 1998 at 21:13:10:

Florida Statute 475.11 lists the following people exempt from needing a license:

"(2) Any individual, corporation, partnership, trust, joint venture, or other entity which sells, exchanges, or leases its own real property; however, this exemption shall not be available if and to the extent that an agent, employee, or independent contractor paid a commission or other compensation strictly on a transactional basis is employed to make sales, exchanges, or leases to or with customers in the ordinary course of an owner’s business of selling, exchanging, or leasing real property to the public; "

It sounds like if you are the principal/owner then you would be off the hook, but if you were just an employee hired exclusively to do RE transactions on a commission then you would need a license. I am not a lawyer.

Confused - Can Someone Clarify Please? - Posted by Scott

Posted by Scott on November 27, 1998 at 11:45:08:

Hi,

I’m confused regarding the relationship needed to manage property. I understand that you can manage your own; however, I’ve read here that (at least in some states) you need a real estate license to manage property other than your own. Now, if you place your property in an LLC or similar corporate entity - Isn’t it now within its own entity and no longer ‘yours’? How can you manage properties owned by a corporation without a license (either your own or someone elses)? To keep some ‘distance’ from my properties, I would like to place them within an LLC and become the ‘property manager’ - but I don’t have (and don’t really want to get) a real estate license. What would I need to do, if anything? Thanks for all of your help.

Scott

Re: Confused - Can Someone Clarify Please? - Posted by Rob FL

Posted by Rob FL on November 27, 1998 at 17:13:21:

I would think if you are a principal/owner of a corporation or LLC that you could manage the properties of that entity without a license. Check your state laws though.

Re: Confused - Can Someone Clarify Please? - Posted by Carol

Posted by Carol on November 28, 1998 at 18:08:27:

Rob, do you know the answer to the question as regards Florida?