Real Estate Investor · Aurora, IL · Member since 2008 · 125 posts · 14 votes
Can you still wholesale deals if you are a real estate broker? I dont really see there being a problem but wasnt sure. As long as Im not acting as the agent and the wholesaler in the same transaction correct? Didnt know if anyone knew for sure. Thanks
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
15y
Yes, you can buy and sell as an individual but you are required to disclose that you hold a license. Check with your local MLS office as to how they take care of commissions under a co-op arrangement if you are a member, if you expect any sales commision as a buyer. If you ever have a listing and want to buy it, I would suggest that you follow local custom and consider cancellation of your listing agreement prior to buying. Good luck....
Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
15y
As a licensed broker, it would be wise to disclose to your clients (required) and broker-in-charge. Your BIC may not like that you are getting listed properties under contract (personally) and getting a 'spread' that is not a contracted commission. Self-dealing seems to always be a tough subject. Seems like Illinois doesn't go into much detail (other than the pages of names of sex offenders) in their disciplinary reports on why licensed individuals lost their licenses. For example, Name Removed - real estate salesperson license (476-381650) placed on probation for two years and fined $2,500 for acting outside the scope of his salesperson license, specifically owning and operating two web sites, engaged in leasing condominium apartment units, held security deposits without an escrow account and co-mingled funds with his personal accounts. Now I don't know the specifics, but you should find out your local rules for things like blind ads, website usage, etc. I did get a kick out of this one: Name Removed - (unlicensed) assessed a $25,000 civil penalty due to the unlicensed practice of real estate. Probably a wholesaler;) If I lived in Illinois, I would find out what these cases were all about.
Real Estate Investor · Aurora, IL · Member since 2008 · 125 posts · 14 votes
15y
Illinois is very strict in this sence. I will be broker in charge as it will be my brokerage once I get it established. I really dont think I will wholesale anything until I get my brokerage up and running.