I am a real estate agent in FLorida. can i buy investment property for myself and collect a commission check?
Thursday, March 11th, 2010 at
7:41 pm
senzualsindhique asked:
am i entitled to a commission for a property purchased for a personal investment? it will be a sale but it will completely be worked for my benefit
am i entitled to a commission for a property purchased for a personal investment? it will be a sale but it will completely be worked for my benefit
Tagged with: Florida Property • Investment Property • Personal Investment
Filed under: Investing
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Every state is different. Why don’t you ask another real estate agent in Florida. Check with the licensing board. If you are trying to pull a fast one and get paid both ways, consider what it would cost you if you were caught.
Who will pay your commission? The only way I see it as being possible is if you are incorporated as a business. You could then purchase the property, put it in the corporation name, then pay yourself a commission as agent from corporate funds.
The property would still be yours, you make a commission, and be able to write it off on taxes next year. However, as the agent earning a commission, you’d still have to claim it as income if you file personal taxes separate from business taxes.
Yes. I collected a commission check when I bought my house, no problem.
If you don’t know the answer to this question yourself, then you DEFINITELY shouldn’t be allowed to represent someone else in a real estate deal. Do the world a favor and turn in your license!
You had a class on this and you were tested on this exact topic.
As a refresher, of course you may earn a commission and to do
so, you need to DISCLOSE on the purchase contract that you
are a licensee. If you did not do so on the purchase contract, you
are liable ALREADY for licensure loss or censure.
I am not kidding.
If this disclosure is not on the purchase contract now, call your
broker and get that taken care of. The broker can be sued for
non supervising you!