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Updated over 11 years ago on . Most recent reply
John ThedfordPoster
#5 Wholesaling Contributor
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Disclosure Of Member Of RE Brokerage LLC Required In Any Transaction?
John ThedfordPoster#5 Wholesaling Contributor
#5 Wholesaling Contributor
- Real Estate Broker
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Scenario: RE Brokerage is set up as an LLC. Members of the LLC (not managing members and not licensed as agents or brokers) want to buy, sell, flip, etc properties some of which may be discovered through the RE brokerage. Does the member have any disclosure requirements or would they simply be a private investor? Does the brokerage have any duty to disclose the member is part owner of the RE brokerage?
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
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Looks like you do to me.
http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0400-0499/0475/Sections/0475.15.html
Says issue and renewal of license, officers, directors, members of an LLC. :)