I'm currently in the process of preparing for the CA real estate brokers' exam, primarily so I can represent myself in my real estate transactions. I've had friends who have represented themselves as FSBO, without an license or agent, and I'm debating that route as well.
Does anyone know the pros and cons of representing yourself as a broker or just representing yourself without a license? Thank you for any insight that you might be able to provide.
2007-05-12 10:43:47 · 5 answers · asked by rqklamser 2 in Business & Finance ➔ Renting & Real Estate
I think it's a great idea to take a real estate class and learn about the real esate process before attempting FSBO. However, unless you are planning a career in real estate I strongly urge you NOT to take the license exam. Once you become "official" there are many regulations that you must follow, even if you are selling your own home. For example, classifed ads in the newspaper must include your full name and the name of the firm you work or, even if you are self employed. Also, you will need to obtain signed "working with real estate agent" forms from potential buyers AND you will need to keep those forms on file for years.
2007-05-12 12:23:10 · answer #1 · answered by baktum2 2 · 0⤊ 0⤋
Why would you want to get a broker's license and be under the scrutiny of the California Department of Real Estate for any transaction that you make, even if it is a minor one?
If you do make a mistake or fail to reveal a disclosure, then you will be spending needless hours writing explanations, going to boards explaining why you did or did not make this disclosure.
Without the license DRE can not call you, set up a meeting or be in your life at all.
You do not need a license of any kind to buy or sell your own property. You are just added another layer to what you are doing. When you have a license this is a disclosure that you have to make to all sellers and buyers of your properties.
If you happened to get sued for some reason the judge is gonna hold you to a higher standard with your real estate broker's license.
Now if you plan to do loans, sell other real estate for others or act in any capacity that require you to have a license then it make sense.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-05-12 11:00:12 · answer #2 · answered by loanmasterone 7 · 1⤊ 0⤋
If you just FSBO you'd be more equal to the other party in negotiations. I would say that's an advantage in that you will know more without having to "show your hand". If you're a Broker I think you have to say so in all your contracts. Also you would be held to a higher standard as a Broker which seems like a disadvantage.
2007-05-12 11:06:55 · answer #3 · answered by BobbyK 3 · 0⤊ 0⤋
The pro is that you have access to much more information and resources to find the best properties at the best prices. The con is that you have to let the seller know that you are a broker, so they may look at you as trying to take advantage of them, like some kind of hustler or shark.
2007-05-12 11:02:31 · answer #4 · answered by Brian G 6 · 0⤊ 0⤋
Definitely Buy! I am so IN right here....This is residence! Everything else is only a waste of time! F...f...f...f...f..amusing amusing amusing amusing humorous! It places the Buy in Buy Polar! (that is a amusing pun for the intense brainteasers). There are such a lot of goofballs on right here to play with. How are you able to now not have amusing? It's one BIG sandpit! Make probably the most of it I say. Life out THERE is just too critical - gotta have a situation to play!
2016-09-05 18:11:35 · answer #5 · answered by ? 4 · 0⤊ 0⤋