Without getting too off track, I just disagree that "the only protection seller's agents will have from liability is to not give any commission to buyer's agents." 

Congratulations on passing your exam!In

Although the legislative history is different, it's helpful in this situation to examine that case law body.I believe the courts today would agree with and implement a functional equivalence test that examines state law, the operating/partnership agreement, and defacto treatment and actions of the member/partner. 

It is important to carefully examine the loan agreement, local laws, and ethical standards.

I disagree with you.

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

It's certainly an easy thing to do, super low barrier of entry but also VERY HIGH RISKS if you don't use the right contracts, and I can imagine some folks sending $ before getting their contracts signed and forget OR trust someone else and boom....LOSE all of their $, and rightfully so to the seller.I know new folks or those who lend on EMD would disagree, but I personally wouldn't want to deal with the headaches on these very small amounts of $ and the wholesalers that need it. 

Nonetheless, the rules regarding how losses can be used to offset gains can vary by state, so it's advisable to reach out to a professional tax advisor that can recommend solutions based on careful examination of your situation.

I am already a licensed broker in NY and NJ, but I am ashamed to say I failed the broker's exam in Connecticut a few days ago.

EAs must pass an examination or have sufficient experience as an IRS employee and pass a background check."