4,900,085
In Texas it is the law. Someone must be ultimately responsible for an agents actions.
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Lisa Von Domek
Dallas, TX
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Nina Hollander, Broker
Charlotte, NC
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Larry Johnston
Elkhart, IN
991,152
Rightly or wrongly, it's law - plus they have good insurance :)
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Jessie Cochran
Panama City, FL
5,060,238
It's a legal requirement here. If you aren't a licensed broker, you must affiliate with one
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Nina Hollander, Broker
Charlotte, NC
187,002
Don't question authority, Just accept it and march on.
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Raj Taj
Lake Bluff, IL
3,741,214
Because the broker knows what he's doing and you are clueless.
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Nina Hollander, Broker
Charlotte, NC
1,712,776
REALTORS® are different than agents and that is law in Oklahoma.
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Nina Hollander, Broker
Charlotte, NC
2,810,349
In Colorado, after two years of experience, licensed agents can work on their own as independent agents. It's not a bad system and there haven't been many problems associated directly with that.
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Nina Hollander, Broker
Charlotte, NC
765,973
They don't need to be if they have a broker's license.
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Nina Hollander, Broker
Charlotte, NC
1,505,873
657,940
because they can't sell real estate with just a sales license. They are licensed to work under a broker who is ultimately responsible for their actions.
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Nina Hollander, Broker
Charlotte, NC
216,904
A managing broker has the ultimate responsibility of the transactions of their firm. It is a different licensing required by the state (managing broker vs. broker).
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Cynthia Biechler
Chicago, IL
2,684,569
1,683,912
Richard Weeks nailed it. Not only in Texas. It the law in Indiana too.
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Nina Hollander, Broker
Charlotte, NC
4,959,198
98,823
If there's a "must" it's likely driven by law. So then, you must follow the law.
We're all brokers here in CO, but our first two years at least we're associate brokers and we do have to hang our license with an employing broker. They become responsible for our actions for as long as we remain associated.
"Must" aside, it does have benefits for all parties.
For them, it's taking on risk in return for some share of our income.
For us, it's having oversight, better insurance than we might be willing to pay for on our own, and hopefully, access to quality training, mentors, guidance, and gleaning knowledge from others.
For the public - I think others have covered that well enough. :0)
2,707,721
The comments have already provided the correct answer - it is designed to protect the public and have someone responsible for an agent's actions.
1,466,257
Timothy Larsen The principal broker is responsible for the agent's actions and it is the law.
4,434,177
2,784,416
3,071,489
1,846,851
Someone has to hold your license.
Hey, this guy is from the UTAH RE School ........
921,504
It's the LAW intended to protect the consumer and hold 'someone' accountable.
However, that tradition is a porous as a screen door. Have a good understanding of your business plan, accessibility to your intended market that determine if YOU want to be a broker, join a tradition or take a look at what early implementers are doing.
4,581,918
5,111,821
If you're not a full broker you must work under the supervision of one.
6,416,919
519,324
More to blame when the agent messes up. The agent and the person responsible to train and manage them.
3,167,489
4,319,773
Timothy Larsen - its a business model. An agent does not want liability of a broker, I guess.
3,986,308
We are in a very importatant business and I don't think very many agents right out of school have enough knowledge to not make major mistakes
321,564
Richard Weeks stated it well. Someone has to be responsible for our actions.
1,525,616
It is important to have a broker you can turn to with questions or potential problems.
1,205,963
Some one needs to be responsible for all the people they give licenses to.
1,056,097
Because when you screw up, they want to turn over the deepest pockets available.
1,241,754
Why car sales persons can not sell cars or cemetery plot sales person need to hang their license under a broker?