All Forum Posts by: Sean Brennan

I think I understand the basics of lease options and sub2; but, now I am trying to figure out what a wrap mortgage is. I did some searching and I still don't have a great understanding. I am wondering what it is and how it is a useful strategy. If anyone could explain or point to some resources I would greatly appreciate it! Thanks.

Wayne Brooks Yea, I am not sure about other markets but here is the quote from the regs:

(4) Inactive Status. Licensed brokers and salespersons
who fail to comply with the continuing education
requirement shall have their license placed on an inactive
status by the Board. Brokers and salespersons designated
inactive are prohibited from practicing as such. An inactive broker may receive a referral fee from a licensed
active real estate broker when making a referral of a
person to such licensed active broker. Nothing herein
shall authorize inactive real estate brokers and
salespersons to engage in brokering as defined in M.G.L.
c.112, § 87PP.

Haha, now I am questioning whether it is only inactive brokers that can get referral fees or if inactive RE salespersons can as well.

Thanks Bill Gulley and Wayne Brooks

I was able to get in touch with an actual member of the board (as opposed to the person that answers the phone for them). She confirmed what Bill said.

Also, the regs state that if you have an "inactive" license you can collect referral fees from licensed brokers; but, not if you license is expired.

Okay, I have read the laws/regs and called the board but no one was able to answer my questions. In fact, the person answering the phone at the Board gave me info. that was wrong and contradicted the regs. I know you need to disclose that you are licensed when purchasing investment real estate if you have an active salesperson's license. But what if you have an inactive license (so you can collect referral fees), do you still need to disclose? What about an expired license?

My guess is that you would not have to disclose an inactive or expired license but I want to know for sure...

QUUUUUUUUIIIIIIIIICCCK TIIIIIIIP

Stop having good topics so I don't have to drive out there! :)

From my first 300 hundred I dropped last Friday, I've already received around 20 calls (none motivated though)... not too bad.

Welcome Sam!

Thanks Tim Walls

Congrats! ;)