Broker Commercial Estate Without A License In Ohio
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FAQ
In Ohio, real estate wholesaling doesn't require a license if the wholesaler is acting as the principal buyer—meaning they put the property under contract with the intention to resell it. However, licensing may be required if the wholesaler's activities resemble those of a real estate agent, such as the following.
To become a real estate agent in Ohio, you must complete 180 classroom hours of courses covering complex material such as real estate law and real estate finance. In addition, you must pass a course and licensing exam.
You are required to obtain a real estate broker's license or act under a broker with a license in Ohio if your wholesaling practice constitutes actions as described in the above Ohio Revised Code Section 4735.01(A).
While an LLC isn't legally required for wholesale real estate, nor does it replace the need for due diligence and a strong understanding of real estate law, its potential benefits make it a worthy consideration for serious real estate investors.
In Ohio, real estate wholesaling doesn't require a license if the wholesaler is acting as the principal buyer—meaning they put the property under contract with the intention to resell it. However, licensing may be required if the wholesaler's activities resemble those of a real estate agent, such as the following.
A new Ohio law effective today drastically changes how Ohio real estate licensees represent clients, including when a prospective buyer wants to view a residential property. Licensees are now obligated to enter into a written agency representation agreement with a buyer before they can show a property to a buyer.
To become a real estate agent in Ohio, you must complete 180 classroom hours of courses covering complex material such as real estate law and real estate finance. In addition, you must pass a course and licensing exam.
Real estate agents are licensed to help people buy, sell, and rent real estate and must work for a sponsoring broker or brokerage firm. Brokers have additional training and licensing requirements and can work independently or hire other real estate agents to work for them.
