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Option Realty

GOOD NEWS!

OPTION REALTY INC.

 

Real estate is all about “timing”...

 

  • There are many reasons the timing might not be right for you to sell real estate on a full time basis
  • Most Agents/Brokers regret terminating their license.
  • You may be considering "phasing out" of the real estate business
  • The Real estate industry has experienced so many changes in the last 18 months, who knows what opportunity the future holds for you and your real estate license

If the timing isnt’t right for you, isn’t it in your Client’s best interest to refer it to a specialist?

 

We are pleased to announce an alliance with Option Realty, Inc.  which has been a licensed real estate company since 2001 and is allowed to function in a Limited Function Referral Office status with the Minneapolis Area Association of Realtors.

 

There are several options for the placement of your new, active or inactive real estate license in the state of Minnesota. 

 

What this means to you is that during the year, as well as at license renewal time, you have several choices for your license status, depending upon how you intend to utilize your real estate license.

 

 

ACTIVE STATUS

 

 

•         This is the appropriate choice if you are actively representing Buyers and Sellers.

•         You will be licensed as an active real estate salesperson or broker with a licensed real estate company..

 

•         Requirements:

•         Membership in the Board of Realtors if the Broker belongs to the association

•         Errors and Omissions or Liability Insurance premium 

•         License Renewal Fees & Continuing Education

•         Lockbox key and dues associated with the Lockbox

•         Multiple Listing Fees

•         Business Cards

•         Education and Participation necessary to represent your clients best interests

 

REFERRAL AGENT LICENSE HOLDING COMPANY

 

Option Realty, Inc.

•         This is an appropriate choice if you utilize your license to purchase investment properties or occasionally collect referral fees and do not actively represent clients

 

•         Requirements:

•         License Renewal Fees & Continuing Education

•         Status is reported to the Association of Realtors as an associate of a Limited Function Referral Office (LFRO) for your board dues exclusion.

•         No access to – no client representation

•          

BROKER

 

•         Obtain your Brokers License and conduct business under your own name/company

 

LIMITED BROKER LICENSE

 

 

•         A Limited Broker's license authorizes the licensee to engage in real estate transactions as principal only. No salesperson may be licensed to act on behalf of a Limited Broker license. An officer of a corporation or partner of a partnership licensed as a Limited Broker may act on behalf of that corporation or partnership without being subject to the licensing requirements.

A Limited Broker's license also authorizes the licensee to engage in negotiation of commercial mortgage loans as principal only. A Limited Broker's license does not authorize the licensee to engage in negotiation of any residential mortgage loans.

 

INACTIVE STATUS

 

•         You may place your license “on ice” (inactive) with the State of Minnesota for a maximum 2 year period without having to pass the written 2 part exam. (National and Minnesota laws)

•          

•         Requirements:

•         During the time you are inactive, you cannot represent clients or receive brokerage fees.

•         You will have to have completed the appropriate continuing education requirements prior to reactivating your license after having it held by the state and pay the appropriate licensing renewal fees.

 

•         For detailed information on these Broker, Limited Broker or Inactive Status, visit:  www.commerce.state.mn.us