Can a Brokers License be used at multiple offices?

**someoneguy** · 10-31-2007, 07:24 PM

Hey everyone,

This question would pertain to California. And My question is... If you hold a Brokers License, can you use it at Multiple Places without Disclosing to your Broker? Let me provide an example to make this clear:

Broker License held at Century 21 for Real Estate transactions
Broker License held at Smart Financial Mortgage Company for Loan Transactions

Do both parties need to be disclosed that the license is being used at these places? Thanks in advanced

**Codythebest** · 11-01-2007, 04:04 AM

Did you mean a Real Estate broker license for mortgage purposes?
Or a Real Estate broker license AND a mortgage broker license?

**Greg** · 11-01-2007, 06:05 AM

I don't know about the rules in California but there could be possible RESPA problems if clients are not informed.

**REbuyersgroup** · 11-01-2007, 01:53 PM

Hummmm.

Interesting dilema. So you are a Mortgage Broker and Realtor? I would guess there is no conflict, but if you originate a loan for a real estate transaction where you are the Realtor, you MUST disclose PRIOR to engaging into a business relationship.

**someoneguy** · 11-01-2007, 03:53 PM

Hey everyone... just to clear how things are in California, There is no difference between a Real Estate Broker license & a Mortgage Broker license. We only have a Salesperson license & a Brokers license.

**Mike Taylor** · 11-02-2007, 02:16 AM

Originally Posted by someoneguy

Hey everyone... just to clear how things are in California, There is no difference between a Real Estate Broker license & a Mortgage Broker license. We only have a Salesperson license & a Brokers license.

As litigious as California is I am shocked to learn that. That is a pretty important question, why don't you call the real estate commission and ask?

**Codythebest** · 11-02-2007, 11:41 AM

Originally Posted by someoneguy

Hey everyone... just to clear how things are in California, There is no difference between a Real Estate Broker license & a Mortgage Broker license. We only have a Salesperson license & a Brokers license.

Interesting. So you pass your license and you are a Real Estate agent AND a mortgage broker?...Interesting...

**California-Appraisal** · 11-06-2007, 10:27 AM

Originally Posted by someoneguy

Hey everyone,

This question would pertain to California. And My question is... If you hold a Brokers License, can you use it at Multiple Places without Disclosing to your Broker? Let me provide an example to make this clear:

Broker License held at Century 21 for Real Estate transactions
Broker License held at Smart Financial Mortgage Company for Loan Transactions

Do both parties need to be disclosed that the license is being used at these places? Thanks in advanced

You can only use your license in one place of business! If you are a broker and choose to work at Century 21 you will be working as a Salesperson position so you will not be able to be license at another location.

**California-Appraisal** · 11-06-2007, 10:29 AM

Originally Posted by Codythebest

Interesting. So you pass your license and you are a Real Estate agent AND a mortgage broker?...Interesting...

As a licensed Real Estate Broker in California you are able to Broker Mortgage's as well. The Sales Person will have to go through the broker to Broker the Mortgage.

**BrooklynBroker** · 11-10-2007, 09:36 AM

It seems to me that OP is confusing two different terms: "loan officer" and "mortgage broker". Let's make it clear: loan officer is an employee of a mortgage broker. Mortgage broker is the owner of a mortgage company and has to be licenced himself. But his employees do not have to.

There are 3 types of licenses: 1. RE Broker 2. RE Salesperson (who works under supervision of a RE Broker). 3. Mortgage Broker. In NY (and I suspect, in CA too) loan officer needs not to be licensed. He just works under supervision of a Mortgage Broker.

Conflict of interest occurs ONLY when the same person acts as RE agent and loan officer ON THE SAME CASE. Such a RE agent should disclose to all parties that he is making money "both ways" and the buyer must sign a disclosure form.

I used to do that myself (selling a house to a person and doing his mortgage) and I investigated this matter. That disclosure signed by the buyer is sufficient document to make everything legal in NY. Perhaps, the same situation is in CA.

I also would like to mention that loan officers who work for large direct lenders MUST surrender their RE licenses prior to taking the job. All big banks (Citi, Wamu, Chase, etc) do not allow their employees to collect money on "both ends". Mortgage brokers do allow that but disclosure form must be signed.