Frequently Asked Questions
Q – What if I need help with which forms to file and other requirements?
A – Upon sign-up we will walk you through the whole process from start to finish. There will be easy to follow step-by-step instructions and Your Broker of Record staff will be available via e-mail or telephone for all of your questions and concerns.
Q – Is Your Broker an approved broker for HUD?
A – YES, you will be able to buy, list and sell HUD properties.
Q – Who is listed as the Listing or Other Broker on contracts?
A – Your company will be listed as the Listing or Other Broker and all Real Estate contracts should reflect this.
Q – What States do you operate in?
A – Currently Your Broker operates in Georgia, Florida, and Texas.
Q – How do I receive my commissions?
A – Your company will receive all commission checks directly. (You do not have to wait on a broker to disburse the funds)
Q -Do I need to have a DBA (Doing Business As) designation?
A – Only if you are going to be doing business under a name that is not the name of your actual company name.
Q – Is there any required education that I must complete?
A – Yes, (Texas only) one person form your company will be designated as a supervisor and they will need to complete the “Broker Responsibility” course every two years to meet TREC continuing education requirements. In addition, (All States) property managers will need to work toward a recognized Property Management Certification.
Q – Do I need to form a LLC or Corporation?
A – YES. Forming an LLC or Corporation is quite easy when using an incorporation service or you could do it yourself for less expense at the Secretary of State website. Investing only a few hundred dollars can make doing business much simpler and safer. In today’s litigious society practicing real estate without being incorporated is like walking a tight rope without a net. Your Broker of Record highly recommends forming an LLC or other type of corporation.
Q – Do you provide office space?
A – Your Broker Qualifying Broker of Record practices real estate in many States across the country, as a result, providing office space would dramatically increase your cost of sponsorship. You will provide you own office space if needed or operate out of a virtual office, depending on your needs. Many agents choose to work out of their homes or virtual offices. If you have more than one office you will need to obtain a branch office license for your company.
Q -Do I need to join my local Board of Realtors and MLS?
A – Yes, you will need to join your local Board of Realtors and Multiple Listing Service. If you are from a rural area, choose a Board from the city in which you receive most of your out of town business. The services provided by your local Board of Realtors and MLS service can be invaluable and can open many opportunities not normally available to you even if you think you don’t need their services.
Q – Do you offer the same sponsorship service to Out of State corporations that would like to do business in a different State?
A – Yes, no problem. The licensing steps are very similar. Every State is a little different, contact us for specifics when you are ready to begin.
Q – What if I have a C-Corp or a S-Corp, can you sponsor those types of corporations also?
A – Yes, any type of corporation recognized by the Internal Revenue Service can obtain a Real Estate Brokers License (excluding a few States) with our service.