Owning a brokerage

[Ricker]

Can a non-Florida RE licensed person own and be 100% stock holder of a RE brokerage?

Maybe by having the only officer of the Corporation be a RE Broker?

The non-licensed person will receive dividends and or salary from the income of the brokerage business.

Someone has told a friend of mine he can do this and I am not sure it is legal.

But, I suppose if the non-licensed person does not himself actually practice RE estate, showing land to buyers, etc, and gets no actual commissions from RE transactions, how can it not be legal?

[SPIVALAW]

not in ga.
dont know fla law.

also a non lawyer cant own a law firm.

however you dont have to be a dr to own a medical clinic.

[LIWYMI]

I am interested in verifying the GA statement.
I was told it can be done in GA. That was by an RE instructor.

[JR_FL]

In florida a corporation can own a Brokerage as long as it has a Broker designie (if that is the correct spelling).

FREC (Florida Real Estate Commission) has some easy to read guidelines

[SPIVALAW]

anything can be done if it is structured carefully.

[Ricker]

I found this last night.


----
Q: I’m a broker of a new brokerage firm. The owner of the brokerage firm is not a real estate licensee. Must I, as the broker, be a signatory on the firm’s operating account?

A: No. Rule 61J2-14.010(1), Florida Administrative Code, provides that at least one broker must be a signatory on all escrow accounts. FREC does not regulate operating accounts.
----------------------------------------

Q: Must a broker who is actively licensed with a real estate brokerage corporation have an ownership interest in the corporation?

A: No. There is no requirement that a broker own any shares of the corporation. However, Rule 61J2-5.016, Florida Administrative Code, does require that every broker licensed with a corporation be registered as an officer or director of the corporation.