Q: Will I be able to show properties?

A: No

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Q: Will I have access to the MLS?

A: No.

 

Q: Will I be able to list properties?

A: No

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Q: What is my commission split on referral fee income?

A:  If you refer a client to License Care Taker you receive 80% of the negotiated referral fee and License Care Taker keeps 20%.  

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Q: What if I am referring out of state?

A:  If you’re referring a client to someone outside the metro, we can suggest methods of researching agents who accept referrals.

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Q: Does my license have to be active to transfer to License Care Taker?

A: No, your license can be inactive, however, it cannot be inactive more then 2 years.  After two years of inactive status, Commerce requires you to re-take Courses 1-3 and the exam.  You also need to be current on CE including required modules. 

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Q: I’m not sure about the current status of my license or CE – can you help?

A: Absolutely.  Please reach out and we can research your license and CE status for you and discuss your options.

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Q: What are the annual maintenance costs and requirements if I transfer my license to License Care Taker?

A:  You will pay a $250 fee to License Care Taker each year in May of the current year.  You will have to pay the license renewal fee to the commerce department every other year (currently $60 plus technology and processing fee; this is paid by License Care Taker when your license is renewed).  You will have to keep up on your continuing education, cost varies depending on which CE provider you choose.

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Q: How quickly can you transfer my license?

A: If your license is currently active, it can be transferred in minutes.  If you are inactive, it could take about 1-2 weeks for Commerce to process the transfer.  Note: you must be current on your CE first before we can process the transfer.  We can help figure out your CE status if your license has been inactive.

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Q: I own my own brokerage and have agents that might be a good fit for your LFRO brokerage.  Will you be respectful if they only refer deals back to my brokerage?

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A: Absolutely, yes!  You can also transfer their license back to active status with your brokerage at any time (although we won’t refund or prorate the annual fee).

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