Hello.
Is it possible from legal point for broker and agent to be a partners in one company?

sure it's possible. I don't know New Jersey law, so check with your state RE commission.

my broker and his partner are partners. :0) She is an assoc. broker now but just a realtor before. she was listed as "Realtor/Owner."

It's even possible to own your own realty company and not be a broker...you can be the realtor/owner and have someone else who is not a partner in the business act as managing/supervising broker.

talk to an attorney though.

We've had a Non-Agent owning a Real Estate Brokerage. He always found someone to serve as the FrontMan - Broker.

I guess his problem was he simply couldn't pass that there SalesPerson's Exam.

He was able to become an Auctioneer, and he was able to become President of a local Bank . . . . but passing the SalesPerson Exam defied him.

In the end, he had to go to jail for Bank Fraud and White Collar crimes like that . . . . had nothing to do with operating the Brokerage, which is no longer in business; but it was good while it lasted.

Nice guy though; set to get out of prison here in the next 6 or 8 years. I hope he used the time to study.

I am about a situation when licensed agent and licensed broker are partners in one RE Company (like LLC).

Is your Broker looking for you to also bring in some "fresh cash" to exchange for an ownership interest ?

Or could it be just through investing your own Sweat Equity ?

Did you visit your friend in prison?

I knew a guy who went to prison. I wouldnt say we were friends, I just knew him and his family. Everytime I would run into his mom she would mention that nobody visits him in prison and would ask me to go visit him. I finally had to tell her I'm not visiting any prison for any reason.

No, that guy was imprisoned out in Colorado, or some place like that.

You do what ya' gotta do in this business. I'll visit if I have a reason . . . . like a Seller who has to sign a Deed or a P&S. Once I had a guy in jail who would only sign if you brought him a few packs of cigarettes.

I never checked our Real Estate Regs to see if that may have invalidated the execution of those documents (bribing with smokes); but I suppose that would put it in a gray area if someone challenged it.

Smokes are expensive ! (why don't people grow tobacco; it's not illegal ?)

I wonder if you could manage a Brokerage from inside the Slammer . . . . like by finding a Partner on the outside who could attend to business on a day-to-day basis and periodically bring you smokes ?

You could be available 24/7 !

I guess you can manage anything from prison. Martha Stewart managed to do so when she did her time.

Cigs are expensive. I'm paying 5 bucks/pack. Perhaps I will consider growing my own tobacco this year. It would have to be a small crop though, I reside on .25 acre.