23 . Types of Business Entities that May Register as a Real Estate BrokerageA broker may wish to do business as abusiness entityinstead of using his own name. Show
The broker should consult with his own attorney or accountant to find the specific entitythat meets his specific needs. These companies will need to be registered with the DBPR.These specific types of business units can be registered:End of Page  24 . More forms of Real Estate Business EntitiesGeneral Partnership: is a business owned by more than onebroker. Each partner in a general partnership is liable for any debt; each partner helps tomake the decisions and receives a share of the profits. At least one of the brokers mustbe specified asthe active broker.All partners dealing with the public must be anactive broker.A sales associate or a broker associate cannotbe partners in a generalpartnership. Any change in the makeup of the partnership must be reported to the FREC.The partnership is registered with the FREC but does not have to be filed with theSecretary of State.If the primary broker dies, that broker must be replaced by another active brokerwithin 14 days. If this does not occur, the partnership registration is cancelled andall the licensees associated with the partnership become involuntarily inactive.A general partnership is dissolved by:agreement of the partners End of Page25 . More forms of Real Estate Business EntitiesLimited Partnerships:is a business owned byat least one general partner and atleast one limited partner.All the management is done by the general partner. Limitedpartners contribute investment cash but are limited in the amount of liability to the amountof money they have already given. Limited partners (sometimes called silent partners) donot have a voice in the managing of the company. The limited partnership is registeredwith the FREC, and at least one of the general partners must be an active broker.The partnership is created by filing with the Secretary of State. The partnership must bealso be registered with the FREC. General partners who work with the public must beactive brokers and licensed with the FREC. All other general partners must also beregistered with the DRE. Limited partners do not have to be licensed or registered. Salesassociates and broker associates cannot be general partners but they may be limitedpartners. Mls Campus BlogHi all, Thank you for taking the time to explore our blog. This blog is all about real estate.
Requirements to Register a Real Estate Company To qualify a real estate company, it requires:
Please click here to access the requirements and application located on dbpr website www.myfloridalicense.com References:
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SearchPopular TagsLatest PostsFLORIDA COURSESNEW YORK COURSESCan a sales associate be registered with a Dbpr as a professional corporation?A sales associate is allowed to form a professional corporation in the licensee's legal name. The Department of Business and Professional Regulation (DBPR) issues a real estate license in the licensee's actual name and includes the entity designation on the face of the license.
What entity may be used by a sales associate for registration with the DBPR?The name of the PA, LLC, or PLLC can only be the associate's legal name as registered with the Florida Department of Business and Professional Regulation (DBPR). For example, if the license reads Wade Wilson before the entity is formed, then the name of the entity must be Wade Wilson, PA (or LLC, or PLLC).
Who Cannot register with Dbpr to provide real estate services to the public?Corporation sole and joint ventures cannot register to broker real estate. A general partnership can register with the DBPR to perform brokerage services. An ostensible or quasi-partnership is not a true partnership.
Which of the following types of business entities may not register as a Florida real estate brokerage?Which business entity may NOT register as a real estate brokerage entity? The answer is COOPERATIVE ASSOCIATION. A cooperative association IS ALLOWED to conduct commercial business and to convey, sell, or buy its own property, but it cannot be registered as a real estate broker.
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