Real Estate Law

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Real Estate License Questions

Agents or brokers who represent a seller or buyer in real estate transactions across the United States need legal authorization from a state administration in the form of real estate licenses.

Listed below are a few questions answered on real estate license related issues.

To negotiate a short sale with a bank, does one require a real estate license?

You do not require a real estate license for this purpose. A foreclosure/real estate attorney could help you do this if you don’t feel comfortable negotiating on your own.

In Illinois, does one require a real estate license to act as a manager of a single home dwelling?

In Illinois, unless you own the property or are a full-time employee of the property owner, you will not be allowed to conduct real estate business without being licensed as a real estate broker, leasing agent or salesperson. This would include negotiating a real estate rental lease, getting a commission for renting, or collecting rent on behalf of the owner of the property, irrespective of the property size or character. 225 ILCS Chapter 454 will offer you more information on this.

I hold a restricted salesperson real estate license and am planning to leave my current office. Even though I won’t be undertaking any real estate related work, would I have to put my license under a broker?

According to the Expert on JustAnswer, “Bus. & Prof. Code 10161.8 requires that ‘(a) Whenever a real estate salesman enters the employ of a real estate broker, the broker shall immediately notify the commissioner thereof in writing.’” Here, the term “employ” means that irrespective of what work the salesperson does for the broker, the license should be held by the employing broker.

Your other options would be to resign the license or seek an exception from the Department of Real Estate (DRE).

In California, if an individual’s real estate license has expired over a year ago and the status of the license is deemed revoked, can he still get his license renewed or reissued?

If the license was revoked because the individual did not keep up with the continuing education requirements or failed to renew the license, and was not revoked because of misbehavior, then it is possible to apply to the board for reinstatement. The individual will then have to go for the continuing education classes and also pay the fees required to get it reinstated.

To undertake a cash flow business, do I need a real estate license?

You do not need a license if all you are doing is putting a buyer and seller of “notes” and “loans” together and receiving a commission once the transaction is completed. The “cash flow business” is about buying and selling loans and not selling real estate.

I help people in California sell their real estate notes and present the information to buyers. Do I need a real estate license to do this?

You would require a real estate license in this case since you are acting as a broker/agent. You would not be allowed to participate in a sale/transfer of real property or even arrange for the same without a valid license.

Conducting a real estate transaction within the United States without a proper real estate license can land you in a lot of trouble. That is why it is important to understand all the rules and regulations that govern real estate practices in the United States before entering the business.
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