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FAQ

I am finding it hard to track down a job that allows me to further my knowledge and skills and experience rather than keep me stuck in the mundane (minimum wage) jobs. Is getting a Real Estate license a poor idea, specially since the house market is so horrible? Or could I gain from it?Also, what is the best avenue for getting my license?Thank you.

I can't speak for your area but where I live the real estate license classes used to have about 50 at the peak in 2006, now they have about 10 students per class. From each of the large classes the instructor estimates that only about 1 student still working full-time in real estate. Since you are on commission it can be very difficult starting out. Getting your license though can be fairly easy. Check with the local association of realtors or your local colleges for courses. Every state varies in the number of hours of classes involved. Most likely you will not have to go to around 50-100 hours of class, take the state test and you are an agent.

I bought some investment property 2 years ago for $15,000 , rec'd a quit-claim deed, now 2 yrs later I am applying for a loan to fix up the property; have been notified by the title company there is a $21,000 lien agains the property; the perrson I bought property from had taken a loan out 6 months prior to me purchasing; now I cannot get my construction loan until the $21,000 is paid to the lien holder; I know I screwed up 2 yrs ago by not checking the title; lender is not pursuing the borrower of the loan for default in payment and will not give me any information to locate the person I bought property from, lender advised me he has over $500,000 worth of real estate transactions with this person and is not going to do anything to him. What recourse do I have if any? I believe this is some type of fraud; and only way I can proceed with my loan is to pay the lender the $21,000 for him to release the lien. doesn't seem fair. please help, Thank you Tammy W

Let me make sure I have the facts straight: 1) 2 years ago, you paid someone $15,000 for some investment property. You paid this amount of money without having a title search done, and getting a warranty deed? 2) You are now complaining because in order to get a loan for the property, you are being held accountable for the lien on the property. 3) If the the person you purchased it from was a realtor, and/or you used the services of a realtor to represent yourself, you *MAY* have a suit for professional negligence/incompetence. It would be, in my opinion, professional malpractice for any real estate professional, (including an attorney if one was involved) to allow the sale to go through without a warranty deed and a title search. As you probably know by now, a quit claim deed makes no warranty of title. It just says that the person granting to you the property does so. A warranty deed, on the other hand, warrants or guarantees to you that there is a clean title. You need to consult with a real estate attorney in your state to determine what might be done. The attorney will assist you in finding the individual to help recover your money, because it is probable that there is fraud involved. Unfortunately, the chances of you recovering any monies from this individual may be pretty slim, based on the fact pattern you gave us. This should be a reminder to everyone reading this: DO NOT buy any piece of real property without a title search and a warranty deed. Never sign anything you don't understand without asking a lawyer about it. If you need a lawyer and don't have one, contact your local or state bar association and ask for a referral to a real estate attorney in your area.

How can I find all real estate auction houses in Chicago?

Chicago Auction Houses

I'm about to get my real estate license in ohio, but I am a little scared because of the market, what are some other things I can do with my real estate license (job wise) that pays hourly that I can do untill the market picks up??? (is it worthless to employers not in real estate?

If you work hard you will make money. Why get an hourly job that pays the same as a burger flipper? Didn't you get your license for the freedom of the job, and the potential to make unlimited income? Just work hard and you will be fine. The good agents are till making killer money, its the bums who re starving. If you want an hourly job go to McDonald's. RE Agent, Remax making way more than a burger flipper. (and DR'S)

The market seems to be cooling down. I read an article in the economist about a year ago that predicted something like this would happen. Do you think that Real Estate is just cooling down or could it be much worse? Give your opinion and some insights.

Depends on your point of view or how much real estate values affect you. The sad fact is , in many states people would not be able to swing the mortgage on the house they currently own if they were to buy it again. How can they expect the young , with the outsourcing of jobs and the mediocre economy to support this housing inflation. Most of this hyper- pricing was brought on by speculation just as with stocks in the late nineties and upper end real estate on the west coast in the early nineties. Money chasing dwindling avenues of investment after the 7 trillion dollar equity collapse.Sure hope you didn't take out a home equity loan.

I'm taking classes to have my lisence for Real Estate Agent, but I heard the market is too slow, and some internet websites are very popular, eliminating the middle guys...what you think?

I'm also taking courses for my license, and I don't expect the market to stay slow for very long. Every house needs an owner!

Im 22 years old and say I make about 5000 dollars every month with my 9-5 job as an engineer.I am planning to achieve a goal of having positive cashflow of about 7-10 thousand dollars every month by the time I am 32 while working in my daytime job in the meantime. Does a plan like this seem plausible? Or do I need to quit my job at some point and dedicate all my effort in real estate investing?

At 22 focus on having a career. Keep your 60K per year job and Save. Plan on becoming a real estate investor when you have money you can afford to lose.

Dear Sirs: I am a mexican citizen living in Israel willing to obtain a Florida Real Estate Associate license in order to referr international costumers to Florida real estate brokers.To be able to be paid by these brokers my commissions I must pass the Florida Real Estate Sales Associate examination and obtain my license. When I try to apply for a completed Application I must fill a Social Security number that I don't have because I'm not an american alien.When I search in the website of the Social Security office I have found that in order to apply for exams I DO NOT need a social security number to be able to take the exam.My question: How can I enroll for the examination without a Social Security number if your online application form does not allow me to proceed without a social security number?Thanks for your answer.Arturo Stern

I think you need to contact the Florida Real Estate licensing agency. Also, try asking the broker in Florida under whom you plan on hanging your license. Minimally, you're going to need to talk to the IRS about getting an FIN (Federal Income tax Number). So that your broker knows what number to put on your 1099 at the end of the year. (you will need to pay taxes on this income) Is there a state income tax in Florida also? If so, why don't you try to get a license in a state (like Texas), with no state income tax. You'll keep more of what you earn that way. You can refer clients to any state in the country with a valid real estate license from any state, but keep in mind that the referral commission check will be written to your broker, and you'll get the percentage that you've negotiated with the broker. I guess you could try to find out what's the easiest state to get a broker's license in. Then you get 100% of the referral fee. Just had a last thought - do you have a Mexican real estate license? I think that would work. One more last thought. Have you spoken to the INS about a work permit?? Also, do you have an Israeli Real Estate License?