Is there even a difference? Any further information would be greatly appreciated.
Thank you!
2007-09-05 11:08:51 · 7 answers · asked by Randall M 1 in Business & Finance ➔ Renting & Real Estate
Each state is different - but here's how it works in Texas. To own a realty company - suggest you get incorporated first. Then hire a licensed TX broker to be your broker of record to TREC when you apply for the corporation to become a broker. The company will be the broker - a legal entity - and all activities will fall under the supervision/management of the sponsoring broker. You can then have the corporation hold your real estate sales license so that you can sign contracts on behalf of your broker and negotiate, etc - all the things that require a real estate license. You'll likely need to set up a dba (maybe); carry errors&omissions insurance that the corporation purchases/maintains. Good luck. I know several people that own the brokerage company and have hired a sponsoring broker to supervise their real estate transactions.
2007-09-05 15:48:25 · answer #1 · answered by auctionfirst 1 · 0⤊ 0⤋
In order to own a real estate company you must have a real Estate Broker License from the state in which you intend to operate.
If you don't have a license then form a corporation and someone in the corporation must own a Real Estate Broker License and be willing to place his Real Estate Broker License in the Corporation. If you are a part of the ownership in the corporation then you can do business as a real estate brokerage.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-09-05 21:32:41 · answer #2 · answered by loanmasterone 7 · 0⤊ 0⤋
I am a Texas Real Estate broker and Texas Mortgage Broker.
Just as many fields that require a state license like Plumber, Electrician, A/C Tech, and such the owner need not have a license but someone must be the licensee of record and are usually responsible for all people working under them without a license. In some cases like Real Estate the broker is responsible for most all activities of the licensed agents under him but he may not be the owner. In real life the broker of record is almost always the owner but you could hire one.
2007-09-05 22:55:44 · answer #3 · answered by alfredboswell 2 · 0⤊ 0⤋
You gotta have a Brokerage License. Real Estate Agents work under the Real Estate Broker's license.
Brokers usually hold more liability because they have to be supervising or have someone supervising the agents.
2007-09-05 18:28:17 · answer #4 · answered by CarmenNR 2 · 0⤊ 0⤋
anyone can own a real estate company but you need a broker to hold the sales license.
2007-09-05 23:42:43 · answer #5 · answered by jeanniep 5 · 0⤊ 0⤋
you can own a Real Estate Company as a Sales Person but you have to hire a Broker, who will be responsible
2007-09-05 23:29:11 · answer #6 · answered by Monika Wilson 4 · 0⤊ 0⤋
Someone in the store has to have a brokers license and is ultimately responsible for everything.
2007-09-05 18:19:00 · answer #7 · answered by Anonymous · 0⤊ 0⤋