Hi BP! I've found myself in yet another quandary that can only be solved by you gallant and intrepid investors in real estate. I've got a Washington State specific question that I just can't seem to find an answer for, and I'm hoping I might gleen an answer from the wealth of knowledge held in the razor sharp minds of this fine community...
I am interested in starting a small property management firm, and I came across the fact that I must have a Managing Broker's License to do so. One of the requirements is that one must have three years of experience working full-time as an agent, and/or relevant training before he/she is eligible for the MBL. I do not have this experience. However, I spent many years in the military, and it just so happens that there is a caveat stating that military experience may suffice in lieu of this requirement...
"18.85.490 Military training or experience. An appli- cant with military training or experience satisfies the training or experience requirements of this chapter unless the director determines that the military training or experience is not sub- stantially equivalent to the standards of this state. [2011 c 351 § 6.]"
However, there is an issue of timeframe here, because in the MBL requirements it states that:
"(c) Has had a minimum of three years of licensed experience as a fulltime real estate broker in this state or in another jurisdiction having comparable requirements within the five years previous to applying for the managing broker's license examination or is otherwise qualified by reason of practical experience in a business allied with or related to real estate as prescribed by rule;"
SO, now for the big pay off, my friends who have held on this long... my question is (drum roll, please) must military service have been within the last five years in order to satisfy this requirement? And for that matter, is it only specific types of military service -perhaps pertaining somehow to real estate or land aquisition- that are acceptable?
Thank you kindly, BP'ers!!
The alternate qualifications are listed in the following WAC, not RCW.
18.85.490 is from RCW 18.85 which is different than WAC.
"Military training or experience. An appli- cant with military training or experience satisfies the training or experience requirements of this chapter unless the director determines that the military training or experience is not sub- stantially equivalent to the standards of this state. [2011 c 351 § 6.]"
This chapter = chapter 18 of the RCW. Though, the WAC linked above is mentioned in the RCW.
I am not sure what 18.85.490 is supposed to refer to. But I don't see how non-real estate related military experience would be a substitute to having real estate experience.
Adrian Chu, Adrian Chu & Associates | Horizon Real Estate | [email protected] | 2064075452 | WA Agent # 107768, WA Lender # MLO-920749
My advice to you, would be to call the Department of Licensing and ask them directly. Unless your military experience is involved in real estate acquisitions for one of the services within the DOD, I think you are going to have to do it through other means.
1. Get a degree in Real Estate.
2. Do three years as a broker and then take your managing brokers test (that is what I am doing now).
3. You could start a property management company and hire a managing broker to fill that spot or get your license and hang it at a place that will allow you to start a property management company under their umbrella.
@Clayton Swansen maybe try working for a local property manager to make sure it's a business you really want to get into. it's a tough gig with lots of hard conversations. dealing with tenants full time is not pleasant...lol
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