CA Salesperson Illegal to Wholesale?
I'm getting ready to take the Salesperson Exam to become a licensed agent in California. I took a test prep course yesterday taught by a real estate professional with many years of experience in traditional real estate sales. We were talking about compensation and the ways in which a salesperson in California can legally use his license to earn money. I stuck my hand in the air and asked, "What about wholesaling?" The instructor seemed almost disgruntled by my question and responded, "Wholesaling- wholesaling what!?" I replied, "Real estate." He just shook his head and said that it is not legal. Another person in the class turned around and muttered to me, "You can only do that without a license." Can someone please define where the legality lies? In California, can a licensed salesperson wholesale if he isn't working for a broker? What about if he is working for a broker? I keep getting mixed answers which is why I am seeking a definitive answer on the best REI forum out there. Thanks in advance for your input.