Real Estate Wholesaling Questions & Answers

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William Hairston
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Wholesaling as a Licensed Agent

Posted Jan 27 2022, 17:13

Hello everyone,

I am constantly getting conflicting opinions on this and would appreciate any insight as I am seeking legal advice as well (attorney recommendations are appreciated!). I have completed the process to obtain an agent license in NJ and become a Realtor part-time. I wanted to get it to help with my investing goals and wholesale some deals to cash buyers. In NJ I know it is not illegal to do an assignment with the correct contract, you don't need a license to wholesale, and I think that a standard NJ realtor contract is not assignable.

When I find a sponsoring brokerage I do plan on fully disclosing to a seller that I’m an agent with no interest in listing their property or entering into any kind of agency agreement with them and that I will be working with a group of investors looking to buy their property for all cash. From what I gather some say be careful you aren’t doing a net listing (which I will not be), a broker may not allow me to wholesale/assign contracts in their brokerage, or that you just can't wholesale as an agent.

I am currently holding my license without any sponsoring broker because of this, and it is my goal to wholesale my first deal before my license would expire but I do not want to give up my goal especially if I can do both. Can someone elaborate more on this?

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