Real Estate License Required, or Not?
As I have been dealing with other investors in my area (doing wholesaling), I was told by a realtor that whenever I collect a commission during a real estate transaction, I am required to have a realtor license. I am wondering if this is true or not? If, not, then why?
Thanks in advance!
tbud 
tbud,
The State Statutes in your State govern real estate transactions. These Statutes will tell you if you need a license to wholesale properties.
Your question would be difficult to answer unless someone knows how the Statutes read concerning your question.
You should become familiar by reading these Statutes, this will help you in the future by knowing what you can and cannot do as a real estate investor in your State.
I wish I could tell you yes or no but the Statutes will govern.
John $Cash$ Locke
Hi tbud,
In general, and your state statutes will be more specific, the following applies:
When you collect a commission during a RE transaction it is paid to you because you are representing another in that transaction; when acting for another you must be licensed.
As an investor in a RE transaction you are representing yourself, as a principal, therefore no commission due or payable, so no license required.
Sounds to me like that realtor may be jealous of your success as an investor.
John
Thank you gentlemen, I think that the realtor is seeing his market tightning up with regards to competition, and there's NO MORE FREE LUNCH.
If any of you know of any investors in Wisconsin, please let me know.
Thanks!
Tbud
TBud:
WISCONSIN IS RIGHT UP MY Mid-West ALLEY!
I have a Ground Partner named Todd Wms up in Menasha;
He's kicking but in just under 30 days TODD has already tied up 16 Homes in PACTrust/EHTrust deals!
NONE of his own money other than Advertising and personal time out mktg. to Sniff out New prospects!
Let me know(Right here on TCI-SEARCH: DERRICK ALI) if you are interested in being My 'Ground Partner' in Milwaukee!
Much Success!
DERRICK ALI
[addsig]
Absolutely! Let's work this market! I can sniff, do the sales pitch and type/write all the marketing info you can handle.
I am relatively new to the biz, but I have been learning this market for the past 4 months!
Please send me a 'private' message with details and what we need to get started.
Thanks!
tbud
Derrick Ali,
I did not realize that your PacTrusts were written into the State Statutes to prevent someone from violating the law.
I believe this young person was concerned and had a question about how they were conducting their real estate transactions. The question was is there a problem with how I conduct my business and do I need to be concerned about violating the law in my State.
However, if you are saying using a PacTrust is a coverall for anything you want to do in real estate investing and you will not break the law, then tell me more, which I am sure you will.
John $Cash$ Locke
THANKS JOHN:
To Clear UP ANY CONFUSHION...
What I meant to express may NOT have been all that CLEAR; ANYWAY, here goes my stab @ clarification:
PACTrust/EHTrust are TOOLS and NOT LAWS nor STATUTES!
What I suggested to TBud was to USE the PT/EHT TOOLS to SHEILD 'lawful' actions and Business practices which could be COLORED as those in VIOLATION of STATUTES with CERTAINTY!
I provided the post to NOT to CONFUSE the ISSUE nor 'Profer' Legal Advice nor even assert that PACTrust/EHTrust are LAW or STATUTE....
But to PROVIDE OPTIONS/ALTERNATIVE SOLUTIONS which could better address TBud's CONCERNS!
CIAO 4 NOW!
[addsig]
Derrick,
Just remember, "I don't care what you say about me in the newspaper just spell my name right.
You and I spelled each others names right, so that's what is important. We probably will many times in the furture.
Have a Great PacTrust Day.
John $Cash$ Locke
YOU GO JOHNLocke BOYee!
Forgive my Poetic license on da nam!
Your Humble co-poster and Illustirous Huckleberry....
Derrick Ali
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