Worth it to get agent license?
I realize that this question has been posted a number of times, which is how I found this site and this forum, but I'm curious what everyone's thoughts are in my particular circumstances. My husband and his cousin are starting a REI business (flipping and rentals). Said cousin has already been doing this in another geographic area successfully for years and years. I am an attorney who works an alright-paying, very easy job from home with entirely flexible hours. We've been tossing around the idea of me getting my agent license to assist in said business. It would be nice to have the knowledge and flexibility in the buying/selling process and avoid paying commissions. I'm no idiot but I'm also a newbie - so what am I missing? What are the downsides here? (aside from the initial time and money investment) Would appreciate more experienced professionals' insights - I've already learned a lot from you all today!
As an attorney you don't need to sit for a license. You can check your state laws, each one is a little differenct, but you might not have to do anything. Ohio Revised Code Section 47235.01 (K) provides that an attorney is exempt from the requirements to be licensed if the conduct he is engaged in is part of the performance of his duties as an attorney. If you get a license, you will have to hang it with a broker and you'll have to pay commission on your transactions. If you buy property and sell them yourself without a license as the owner you won't have to pay commissions.
Originally posted by @Christopher Phillips:
As an attorney you don't need to sit for a license. You can check your state laws, each one is a little differenct, but you might not have to do anything. Ohio Revised Code Section 47235.01 (K) provides that an attorney is exempt from the requirements to be licensed if the conduct he is engaged in is part of the performance of his duties as an attorney. If you get a license, you will have to hang it with a broker and you'll have to pay commission on your transactions. If you buy property and sell them yourself without a license as the owner you won't have to pay commissions.
So that was what I thought too - but everything I've read seems to indicate that selling property for a business is not "part of the performance of duties as an attorney." The state bar resource I checked out suggested that "part of my duties" would be something like selling a property as part of an estate, or in a bankruptcy. I was hoping at minimum I could bypass the education requirement, but the school I contacted said I could only opt out of the 40 hours of real estate law. Kind of a bummer - after passing 2 bar exams, I would think that I know a thing or two, but apparently not enough!
I think it only works if you are the acting attorney for the business. But even that might be too thin.