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Frequently Asked Questions

Q. Can I be a broker for more than one company?

A. Yes.

Q. Can I be a broker for one company and an associate broker with another company?

A. Yes, provided that you give the required notice to the broker holding your associate broker's license.

Q. Can I be the qualifying broker for a corporation if I do not own any stock in the corporation?

A. Yes, but you must be an officer.

Q. Can I open a company in my home?

A. Yes, as long as you comply with all local ordinances regarding business activities.

Q. Can someone else use my company's name without my permission?

A. Company names are not a license law matter. Names of corporations are controlled through the

Corporations Division of the Secretary of State's office. Other trade names must be registered with the

Clerk of the Superior Court in the county in which the firm is operating.

Whether someone is improperly using your trade name should be addressed by an attorney.

Q. I have just made application to open a new company.

How soon may I begin taking listings and handling other brokerage business?

A. A new company is an original application for licensure.

You may not begin brokerage activity until you receive a wall certificate for the company

from the Commission (usually seven to ten working days after the Commission receives a complete and correct application).

Q. I am a broker of one company and have an associate broker's license with another company. I am closing

the company for which I am the broker, but wish to keep my associate broker's license with the other firm.

Which box do I check on the application?

A. Surrender an additional license.

Points to Consider When Starting a Brokerage Firm

In deciding whether to start a brokerage firm, a licensee faces several important issues beyond obtaining a licenses from the Commission. The important issues for consideration and resulting action include:

• obtaining a business license from the local government;
• selecting a market area and a specific location for the office in that market area;
• securing telephone services and furnishings for the office;
• obtaining proper insurance for the business including an errors and omissions policy;
• developing a bookkeeping system suited to the firm's needs, IRS requirements, and the Commission's trust account regulations;
• obtaining a tax identification number from the IRS;
• obtaining forms for reporting income and withholding and F.I.C.A. taxes to the IRS and worker's compensation for covered employees to the State Labor Department;
• developing a record-keeping system for contracts and other documents as required by the license law;
• developing or obtaining sales and listing contracts approved by an attorney;
• developing employment or independent contractor agreements for licensees affiliating with the firm;
• planning the nature and scope of the business for specializing in residential sales, property management, commercial sales, or a combination of these markets;
• deciding whether to organize the firm as a sole proprietorship, a partnership, a limited liability company, or a corporation;
• developing a plan for advertising the new company and specific properties listed for sale of lease;
• developing a plan for the orderly recruiting and training of agents for the firm;
• planning a marketing strategy for the service area; and
• developing an office agency policy as required by the Brokerage Relationships in Real Estate Transactions Act.