When An Agent Is Not An Agent
I've been trying to piece together some answers about my situation, but I'm not finding people in the same boat, so...
I am a licensed agent in FL, but my broker is a timeshare resort. They're not friendly about comission splits on personal investment activities, and do not provide me with MLS access.
I would like to be able to do several things including.
MLS access.
Key access for listed homes with lockbox.
I'm not really clear on the benefits/ costs of being a realtor, or if I can even be one if my broker is not involved in regular RE transactions. I'm also not clear if MLS access, etc is available to agents, or just realtors, etc.
I can't "hang my shingle" with another broker while I work with this one, so I'm wondering what if anything I should do to get the benefits of being licensed.
I suppose I could get my broker's license, but then do I have to pay a large fee for the MLS vs. a small charge per agent at a larger house, or something like that?
hahaha... I'm an agent, allright, but only in name. Anybody got any insights here?
Oh, I also recently read something where someone (I don't know what state) said that either their realtor code or agent laws said they couldn't create a deed, and some related issues which made it sound illegal for them to do "kitchen table closings"... anybody got feedback or info on this?
... and, I've got the basic idea that I need to disclose that I am an agent of xyz but acting independently, should probably get this in writing, etc... does that cover it, or do I need to go further somehow. I'm planning on tap-dancing all over the DOS, etc.... so I just want to make sure I'm not signing my own death warrant.
Again, I'm in FL.
Thanks.[ Edited by thestudentisready on Date 05/28/2004 ]
I'm in broker school right now.
As I understand it, you're not acting independently when your shingle is under under X. X get's a split of the commission and for that takes on E&O liability.
Can you negotiate a better deal w/ broker X or someone else?
Go talk to a few other brokers and they'll quickly educate you as to if & what better benefits you might get in their shops.
I don't know what E&O liablility is.
The only reason I'm with this "broker" (just signed back-up today) is that I worked with them before and averaged $1k/wk for 25 hrs a week. Most days I go home by 1pm.
It's not great $, but it's twice what most new agents make... and in half as many hours. Plus, there's a daily draw against comissions. It's not much, and my first moth or two are going to be rough... but it's $ that keeps trickling in like clockwork allowing me to focus my time on REI. I don't know of anything else that's going to give me steady enough money with those kind of hours.
So, unless I'm missing something, signing with another broker isn't an option. I can only be affiliated with one, right? Plus, that would be like me going from something I know and can predict (and have a daily draw) to selling cars... It's just a completely different field, and I'd lose my steady income stream.
When I asked my "broker" about the ability to get MLS access today, I got blank stares. I don't think they can spell MLS.
What happens and what are my new options and how expensive are they if I get my broker's license?
...become a realtor? (is this even a possibility)
...become an appraiser? (They get mls too, right?)
... and what all should I keep in mind? I've been reading about key access... this seems to be a plus (not sure if this is just realtors... not even really clear on what a realtor is except an agent who pays a fee every year to be one)... anything I'm forgetting?
Any other suggestions? (I'm not totally blowing off the idea of switching my broker affiliation, I would just need to know how to reliably replace the income WITHOUT spending anywhere near 40 hours a week... otherwise, I need to figure out what I can do with the current job.)