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Originally Posted by BlaqK20
I have to admit, the first time reading this after your post, I was confused and didnt understand a word. But now that I started doing some actual work at the office I'm starting to get the drift now, and came back to this thread at 5 in the morning to re-read it.
I'm actually a bit more curious about the real estate license theory. At the office I work at, you actually receive a little more commission given that you have a real estate license. Now I may not be that experienced to know when and where a real estate license might come in handy, so if you can point out and example that would help clarify it a lot, as well as how it could be worse.
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Hopefully the reason that you had difficulty understanding wasn't because it was poorly written
Again, I lend primarily in Wisconsin, so the rules may be a bit different wherever you are.
However, the reason I personally don't have a real estate license is because (first and foremost) there is no advantage as far as a higher commission. Secondly, you are able to be held responsible for many additional things - especially things that you have no control over.
If you have a real estate license in Wisconsin and are a Broker, you are required to check every real estate document you come in contact with regarding your deals. If there is an error, you can be held liable because you are licensed, even though you didn't draw it up or have a say in any of the terms. Because you are a licensed in real estate, you are responsible for double-checking all the documents to make sure they are correct. Obviously, you are going to want to do this anyway as the loan officer, but as long as you are not licensed you can't be held responsible for any errors that may come up.
I am not sure if you are maybe a bit confused on the specific terminalogy, but I belong to the Realtors Association - but you do not need a real estate license to do so.
Hopefully that clears things up a bit. If you have any more questions, don't hesitate to ask!