Referral Fees-legal Question
I have a possible deal that is over 35 properties and is to big for me to finance at this time. I have always know of referral programs out there, but not really sure how they work. They all sound legitimate, but since I am not a licensed real estate agent, can I legally collect a referal fee. i am doing some background work, but seems to me like this one is on the border. Any thoughts?
Shawn
[addsig]
If you are not a principal in the deal, then you need to check your state's Real Estate License Act to determine if it requires you to be RE licensed in order to receive compensation for referring property leads to other people. It appears that IL does require a RE license for this. Whether and to what extent IL enforces its licensing law may be another matter.