CORPORATE LICENSES

Real estate licenses ordinarily are issued to individuals. A corporation can be issued a real estate license, if a corporate officer who is a licensed broker qualifies it. The corporate license is by and through the qualified officer; if that individual leaves the corporation, then the corporation loses its license. For a corporation to get a license, it must file background statements for each corporate director, officer and shareholder owning more than 10% of the stock in the company.

A partnership may not obtain a real estate broker’s license. Ordinarily, if a real estate brokerage business is a partnership, each partner will obtain his or her own broker’s license.

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