Agreement Broker Real Estate Without License In Michigan
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FAQ
Under the Michigan Occupational Code Act 299 of 1980, individuals engaged in real estate transactions must typically hold a real estate license. However, wholesalers operate in a niche that allows them to sell property interests without a license via contract assignments.
Sec. 2502b. (1) Unless the owner engages the services of a real estate broker in connection with those sales, an individual who is the owner of real estate must obtain a license as a real estate broker to engage in the sale of that real estate as a principal vocation.
Complete 90-hours of commission-approved Broker Pre-Licensing education (An MBA or law degree may substitute for 60-hours) Pass the coursework final exam with a score of 70% or greater. Pass the state-issued Broker License exam. Submit license application to the state.
Among these licenses is a seller's permit, which is necessary to collect sales tax on retail transactions in the state of Michigan. This type of permit also goes by several other names, such as resale license, sales tax permit, sales and use tax permit, wholesale license, and reseller permit.
How to Find a Broker to Sponsor You Research and Understand Licensing Requirements. Attend Real Estate Events and Networking Opportunities. Utilize Online Resources. Seek Referrals. Research Local Brokerages. Contact and Interview Potential Sponsoring Brokers. Consider Commission Structures. Evaluate and Decide.
Find a list of LARA approved real estate pre-licensure course providers here Complete an approved 40 hour pre-licensure course. Apply for your license from the State of Michigan. Upon email notification, schedule your exam through PSI Services, LLC at an authorized testing site. Confirm an employing broker sponsorship.
The criminal background check aims to identify any past convictions or criminal charges an applicant may have. Any history of fraudulent activities or crimes related to moral turpitude may disqualify an individual from obtaining a real estate license.
