Any Real Estate folks at DU...I have some questions..

[trumad]

I am interested in obtaining a Real Estate license in Florida for the purpose of buying multiple properties...

Question... Do I still need to work through a Broker?

If so... How hard is it to obtain a Brokers License and when I do does that make me completely independant in the Real Estate business?

Thanks,

tru

[Kathy in Cambridge]

1. Depends on the state

in mass, you need to take the salesperson's class, pass a test and work under a broker for a year before you are eligible for a brokers license. This requires a separate class and license.

It may be easier in FL, don't know.

On edit: most brokers are independent-you live off your commissions. You should check your state's web site for rules and regulations regarding licensing.

[trumad]

5. I called some real estate schools and they say

that the requirements are similar to Mass.... I take the test and pass..then I work under a broker for a year...then I can take the Brokers license...

Thanks guys....

[DancingBear]

2. I used to hold a brokers license in NH

First off, of course, I had to pass the RE exam, which then granted me a salespersons license. I needed to affiliate with a firm full time for one year before I was allowed to become a broker, after passing that test.

If, by independent, you mean that as a broker you are your own "firm" (should you desire) the answer for me, at least in NH, was yes. Many brokers, however, still affiliate themselves with conventional firms, so as not to incur the costs of a business (E&O insurance, etc.).

I, too, bought investment property while a broker - at that time, it had to be stated CLEARLY on the P&S agreement that "buyer is a licensed real estate broker."

You really do need to check with the FLA real estate commission and see what the rules are for your state.

[greatauntoftriplets]

3. Residential or commercial?

In Illinois, the requirements for residential are far less strigent than commercial -- the latter of which requires many hours of courses.

[BR_Parkway]

4. As a license holder, you will have a harder time

buying property as you have a duty to disclose things that you know through your "status" that an ordinary individual might not know. As a private citizen, you can educate yourself and use that info to build the portfolio that you choose.

[trumad]

6. So how would that hurt me...

I guess what you're saying is if I know beforehand that a house is about to go on the market I have to disclose that... Again..how would that hurt me?

Thanks