Hi, I'm just starting out in creative real estate investing and i'm wondering if it's required that I obtain some sort of real estate license to do lease option deals? Thanks
If my role is similar to that of a real estate agent, is there any potential that I could be sued b/c I don't have a real estate license? Or is there a loophole there somewhere? Any reasoning?
As long as you are a principal in the deal then you shouldn't have to worry. However, there are some states that have some screwy laws which may require you to have a license. There is one state, I can't remember which one, which requires you to obtain a limited brokers license if you sell over a few properties per year. Granted the license is supposedly just a $160 fee, no school or test. Once again, my memory on this is fuzzy because it doesn't apply to my state.
The lesson here is check your local and state laws to see what you can and can't do. Then do what you have to do.
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No
Nope, but your role is similar to a real estate agent.
Thanks for the response guys,
If my role is similar to that of a real estate agent, is there any potential that I could be sued b/c I don't have a real estate license? Or is there a loophole there somewhere? Any reasoning?
Thanks,
J
As long as you are a principal in the deal then you shouldn't have to worry. However, there are some states that have some screwy laws which may require you to have a license. There is one state, I can't remember which one, which requires you to obtain a limited brokers license if you sell over a few properties per year. Granted the license is supposedly just a $160 fee, no school or test. Once again, my memory on this is fuzzy because it doesn't apply to my state.
The lesson here is check your local and state laws to see what you can and can't do. Then do what you have to do.