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RE/MAX, ERA, prudential??? - Posted by FranchiseQuestion
Posted by FranchiseQuestion on July 13, 2004 at 13:13:51:
Does anyone know if the frachisor themselves have to be licensed as a broker to do business in different states.
I understand that brokers have to be licensed but what happens if the broker is under a franchise name?
I am doing a school report on real estate companies…any help is welcome.
Thanks
Phyllis
Re: RE/MAX, ERA, prudential??? - Posted by Matt K
Posted by Matt K on July 13, 2004 at 18:24:13:
Hello Phyllis,
Here is what I believe to be true. The actual owner of the franchise does not have to be licensed, in order for the outfit to run though there must be a Broker of Record who works for that particular office. So in essence the owner of the franchis does not have to be licensed but he must hire a broker of record who handle all the transactions.
Hope that helps.
- Matt
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Re: RE/MAX, ERA, prudential??? - Posted by Phyllis
Posted by Phyllis on July 13, 2004 at 20:47:51:
I thought you have to be licensed to get paid in any real estate transaction???
How can franchisors get paid without licensed? Thanks…
Re: RE/MAX, ERA, prudential??? - Posted by John
Posted by John on July 13, 2004 at 21:04:21:
The Broker of record recieves the company share of the commission. The money then becomes part of the R/E offices assets from there they pay bills, ex: rent, phone, electric, they also pay franchise fees from the opperating account. It is standard business practices. No unlicensed person recieves a share of commissions. The licensed broker and agent are free to spend their split of commissions as they please.
Re: RE/MAX, ERA, prudential??? - Posted by Phyllis
Posted by Phyllis on July 13, 2004 at 22:29:49:
So why is it illegal to receive a referral fee by an agent? There is no commission involved when referring buyers or sellers to an agent. Everyone’s help is appreciated.
I am doing a paper on real estate agency, franchisors, and independent brokers.
Re: RE/MAX, ERA, prudential??? - Posted by john
Posted by john on July 13, 2004 at 23:37:04:
These laws were passed a long time ago to protect the public. It is to keep
Agents from paying unlicensed people to soliciate buyers and sellers to use
their services. Intimidation, extoration, and colusion could be used which
is controled by licensing requirements.
Let youy mind wonder about the R/E industry with out licensing laws, It
could be a scary place.
As far as franchises look at McDonalds for example they work the same as ERA,C-21, ect