Broker Commercial Estate Without A License In Michigan
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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.
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.
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.
In Michigan, if a business sale includes the transfer of real estate, then a real estate license is necessary. However, if the sale strictly involves the business entity without any real estate, a specific real estate license would not be required.
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.
Let's take a look at the essential steps you need to follow: Complete Your Education. The first step in becoming a commercial real estate agent in Michigan is to complete the necessary education requirements. Pass the Michigan Real Estate License Exam. Find a Sponsor Broker. Submit a Completed License Application.
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.
