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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12046
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Please. Arkansas, no this is just a question about my

Customer Question

please.
JA: What state are you in? It matters because laws vary by location.
Customer: Arkansas
JA: Has anything been filed or reported?
Customer: no this is just a question about my wanting to move to another firm
JA: Anything else you want the lawyer to know before I connect you?
Customer: I am a 1099 commercial real estate agent. I want to move my license as I am not yet a Principal Broker
Submitted: 8 months ago.
Category: Tax
Expert:  Lane replied 8 months ago.

Hi. My name's Lane. I can help here.

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It's is not as simple as reviewing your contract with the broker and making the switch.

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You migh wan to ask about the transition assistance provided by the broker where you want to move.

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Doesn't HAVE to be difficult. It's just a matter of paperwork. The harder part is dealing with who retains listings and whether or not the broker will require a referral fee.

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Those items would be outlined in your independent contractor agreement between you and your broker.

Customer: replied 8 months ago.
HI, I am a commercial real estate agent and am thinking about moving to a small residential real estate firm and hang my license there. I am paid as a 1099 employee. I would like to do a LLC or whichever is the better for my situation. My question is, if I am working only at this time with a new client verbally on a pretty big deal as far as I would represent the owner/seller exclusively and sell her land/improved, etc....but we have not yet signed the paperwork, can I take this "deal" with me to the other firm?
Expert:  Lane replied 8 months ago.

That's COMLETELY a matter that depends on your contract.

Expert:  Lane replied 8 months ago.

If there's been no listing or any other paperwork ... It will be hard for the broker to stop.

Customer: replied 8 months ago.
Okay...I will read over my contract.
Customer: replied 8 months ago.
Customer: replied 8 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Lane replied 8 months ago.

Yep, the devil's in the details ... there could BE a provision that says any relationship initiated while with that broker belongs to the broker

Customer: replied 8 months ago.
Is this going to cost me more than $5?
Customer: replied 8 months ago.
Oh...I don't want to pay that right now.
Expert:  Lane replied 8 months ago.

I hjave no idea... we experts are users just as you (albeit with my law degree and other credentials verified)

Expert:  Lane replied 8 months ago.

If the site has made some offer just ignore that (not coming from me)

Expert:  Lane replied 8 months ago.

Important thing to remember: your listings usually stay with an original broker.

Customer: replied 8 months ago.
Gotcha. I am pretty sure it is not in there. It's a small firm and it's more about what I may owe or not owe from my draw
Expert:  Lane replied 8 months ago.

Just be sure and you should be fine.

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Turn your licnese and pockett card, if you have one, over your old broker.

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In most states the agent is required to fill out a "REAL ESTATE LICENSE-TRANSFER FORM" supplied by your local real estate commission, fill it out and have it signed by a broker at the company you are transferring to and then mail or fax to the real estate commission.

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This form acts as a 30 day temporary licnese. Probably a small fee

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Your terminating broker is responsible for signing and returning your license and pocket card. And again, your listings belong to your old broker.

Expert:  Lane replied 8 months ago.

Please let me know if you have any questions at all, before you rate me

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If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and v clicking “submit").

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Thanks!

Lane

... I have a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.