Posted by Russ_CA2 on January 24, 2002 at 20:17:16:
I have never been told of a requirement for a business license, or any kind of license for that matter, to buy or sell a piece of residential property for which I am a principal. I have never been told, either, that I cannot lease or lease with option any property which I am a principal. I’d be willing to bet that information is not correct.
Now, I realize I am not the last word on this, but I have been a real estate investor for 15 years, have been involved in hundreds of transactions of various types in that time, and not once have the real estate police come a knockin’.
Do you need a real-estate license to do the lease option? I was told by a realtor that it would require a license because in a sense you were managing property. How about the other investor programs,do you need a licence for them?
I live in California.
Posted by Bryan in Cali on January 24, 2002 at 19:33:41:
As far as I know, you only need a realtor’s license if you’re working in traditional commission paid RE sales. You will need a business license. I checked with the city of Sacramento and was told that anybody who manages or collects rent on real estate is classified as a “broker” for tax purposes and has to apply for a broker’s business license. This sort of thing may be what the realtor is talking about. But I don’t think you need a realtor’s license, which is issued by the state Department of Real Estate here in Sacramento.