My RE license - how do i get rid of it? - Posted by Natasha

Posted by Angelina on December 02, 1999 at 18:24:14:

Becoming inactive is the answer. When it comes time to renew your license you don’t have to. However, think about it first. I let my RE license expire, now we’re looking at buying a new home as well as investing. I’m lucky enough to have access to the MLS because the boss I used to work for in RE is helping me out. I have been able to locate several properities that I would not have known about if not for the MLS. You never know when your license will come in handy. If you are not working for a RE company no one needs to know you have your license.

My RE license - how do i get rid of it? - Posted by Natasha

Posted by Natasha on December 02, 1999 at 18:11:18:

After four years of investing, I decided to get my RE license. I pondered on the idea for about a year thinking the advantages would outweigh the disadvantages. Advantages such as MLS, quick finds, the status of being a professional, etc. Well, I am miserable with it. I hate paying fees, the MLS is not all that great. I got more leads from my direct marketing and classified ads when I didn’t have my license. I have to disclose everything. I don’t want to work for a Broker where I have to take classes, answer phones, office politics, etc. I don’t want the liability. How do I get rid of it? Do I become inactive? Any advice would really be appreciated.

Re: My RE license - how do i get rid of it? - Posted by Rob FL

Posted by Rob FL on December 03, 1999 at 11:35:26:

Consider getting your broker’s license. I did and now I run my office out of my home. I don’t have to listen to anyone else telling me I have floor duty on Saturday morning. And nobody requires me to pay overhead or attend sales meetings or anything else.

Disclosure is no big deal either, just don’t make a big hoopty-doo about it and neither will the other party. At least that is what I have found.

Re: My RE license - how do i get rid of it? - Posted by BAB in Indy

Posted by BAB in Indy on December 03, 1999 at 05:08:57:

Like you, I found that the MLS isn’t all that I expected it to be. I thought that I would be able to find properties there, but everytime I make an offer on a fixer-upper, I’m competing with 4 to 6 others. I’m finding plenty of homes without it. I only use it now for running comps.
It is nice to have my license just in case I need to list a property and it adds a bit of professionalism. What you need to do is find a broker who understands what you are doing and will allow you to hang your license without all the unrelated crap. I have my license with a national company and I have never had to answer the phones, take classes (except Continuing Ed.), work nights or weekends unless I want to, or deal with office politics because I’m never there. Fees can be low. All I pay for are my MLS fees plus some other minor fees - about $40/month.
As far as disclosure goes, having a license is one of the first things I tell sellers and it has never been a problem.

Re: My RE license - how do i get rid of it? - Posted by phil fernandez

Posted by phil fernandez on December 02, 1999 at 19:31:36:

I had a real estate license since 1973. I have not renewed it for about 5 or 6 years. About two years ago I called up the real estate commission and asked them about disclosure issues if my license had not been renewed for 6 years and I only buy and sell properties as a principal. They told me I still had to disclose I had a license. Even after 6 years of inactivity. I asked why and the head of the state real estate commission said because you as a licensee have superior knowledge in real estate matters. The realtors that I know basically know NOTHING about real estate, where does this superior knowledge come into play.

So it looks like the only way I can get rid of this darn license is through death. The license will always be attached to me. LOL.

Re: My RE license - how do i get rid of it? - Posted by Gary (VA)

Posted by Gary (VA) on December 02, 1999 at 18:26:07:

Converting to inactive status will not eliminate the fees. Failure to pay fees will however eliminate the license.