Limitation of licensed agents

[Genevieve Cen]

Write your postHi all!

I am a licensed agent in New York state starting out to wholesale in NYC boroughs (difficult, I know).

I want to know the limitation of my role as an agent: what not to do or what to do as an agent.

Most importantly, do I need to split my commission with my brokerage on my private investments earnings from wholesaling?

I looked up the Real Estate License Law (June 2016), it states the following:

§442-a. Compensation of salespersons; restrictions

No real estate salesperson in any place in which this article is applicable shall receive or demand compensation of any kind from any person, other than a duly licensed real estate broker with whom he associated, for any service rendered or work done by such salesperson in the appraising, buying, selling, exchanging, leasing, renting or negotiating of a loan upon any real estate.

Thanks in advance!