Posted by Pete Youngs on October 17, 2003 at 10:00:09:
In Georgia, my license was to be renewed evry four years. But as I said before, I let my license lapse after becoming an investor. Also, if you put your license on “inactive status” you may be required to attend 6 hours of continuing training and pay back fees depending on how long your license is not in an active status.
Do I need to have a real estate license? - Posted by BrandoM
Posted by BrandoM on September 08, 2003 at 20:38:04:
Hello!
I am thinking of creating an LLC for my REI and a question pops into my mind if my new company buys properties and sell it or L/o it do I need to have a real estate brokerage license? Thanks and I am really grateful to find this site.
Re: Do I need to have a real estate license? - Posted by Pete Youngs
Posted by Pete Youngs on September 09, 2003 at 20:26:09:
A real estate license is not needed by investors, but aids in getting comps and mls info. If you get a license,you must disclose all defects about the property in most states too. I used to have one but let it lapse after becoming an investor.
No - Posted by Jim FL
Posted by Jim FL on September 09, 2003 at 01:18:36:
BrandoM,
This is not legal advice, as I’m not an attny, so be sure to check your state laws before proceeding.
(in other words, this is my take only, don’t hold me liable)
Anyway, if you are using an LLC for tax reasons and asset protection, buying and selling RE for yourself(the LLC you own and control), then you are a principal in the transaction.
If you look up the definition of “Broker” in your state laws, I’m sure you will see the words, “For another”.
This is the only time you’d need to be licensed, if you worked a transaction for someone other than yourself.
No license needed to buy houses for yourself, even if using a corp or LLC.
HTH,
Jim FL