I just found out tonight that I passed my broker's exam, and I can definitely say that it was all worth it. I wanted to get some feedback from any CA broker's to see if and how they set up their business. Do you have to have your license in hand to even conduct business once you pass the exam? I have pending deals that I want to file under my new broker's license, but I haven't received it yet. Any tips on what it takes to start up the business and get the ball rolling, so to speak? Thanks for any advice/comments.

-Daniel S.
Broker

You should be able to get going right now.

First, head over to the Ca DRE and download the forms your going to need:

http://www.dre.ca.gov/licensees_sub.htm

The first one on that list is the "Doing Business As" form. There are some others that are worth you looking at. Including some stuff on the bottom about what some requirements are for brokers.

You need to contact your local association and let them know of your new status. If your guys work like ours, there is a different fee for a broker and you need to get your broker code so that listings can start being entered under your brokerage company.

Before you do that with the association tho, make sure you have worked out with all the various parties the specifics of how your existing listings are going to go, etc. You cannot just take your listings with you unless your old broker agrees and your sellers will have to sign all new paperwork with you.

Check your county regs for a business license.

Once the state, association and county all have your paperwork, you are good to go! All you really need is your DRE number to get most of this done. I don't recall having to show my phisical brokers license to anyone - just provide the number.

Good Luck!
R

Thank you again Robert! Also, is there anything that involves me having to be bonded as a broker as well?

Don't think so.

Just get E&O Insurance.

Anyone else have a more intelligent answer about bonding? In the discussions I have had with the DRE, the association and a broker I used to work for nobody has mentioned getting bonded to me.

R

I had to get bonded in MA for the length of time my license is good for (2 years). If I remember correctly, it had to be sent in with my Broker's application - so it must vary from state to state.

Daniel S. I do not think you can start acting as a broker until the DRE actually issues you the license. Passing the exam is only the first step. The Department still have to do back ground checks on you even though you are previously licensed as a salesperson. Go on line to their website to be sure.

Is it true that workers comp is required in Cal?

Not according to my old broker. At least not for agents, if you get employees, then the usual rules apply. But like I said, this is from my old broker, did not get this first hand from the state.

R

To REO Dave:
Yes workers compensation is a law in California which also applies to real estate agents and loan agents. The "independent contractor" reason not to have WC no longer applies. The broker must pay the premium for the WC and cannot take it out of agents' commissions in any way.

Here is a question that has brought me no clear response from those that I haved asked. How many agents may a broker have licensed under him/her without having an office? I want to start from home, and as my business grows even more, I can move into a business location. If anyone has details on how exactly this works, I would really appreciate it. TIA.

-Daniel S.

Daniel S. I do not think there is any correct answer to your question on how many agents you can accommodate from your home....how many can fit in your living room at the same time? If you would rather be frugal and delay leasing office space, then I would suggest you associate with agents who do not need office space, and who already have their own working spaces elsewhere and since we are in the electronic age of instant communications, documents are sent electronically. Just do not get talked into a "rent-a-broker" setup where others who have an established real estate office use your license just to get by. Some of these people may not be licensed and could care less about jeopardizing your license. Feel free to e-mail me privately and I will be more than happy to assist you in getting set up.

which study course did you use?

I am a Real Estate Broker Consultant. I am a Real Estate Broker myself and I help real estate brokers just like you who want their business set up without a headache. We do everything and you just relax. If you have any questions or want to know more on what we do you can email me at info@amregroup.com or call me at 323-428-5944 and ask for Vladimir.

This coming from a guy who asked if he could lease his broker license to agents in California!?

No matching public record was found for Licensee: VLADIMIR ROZUMNIY

http://www2.dre.ca.gov/PublicASP/pplinfo.asp?start=1