Option Realty
GOOD NEWS!
OPTION REALTY INC.
We are pleased to announce that, Option Realty Inc. has applied for and been approved by the Minnesota Department of Commerce to function in a “Dual Broker” status and the Board of Realtors to be a Limited Function Referral Office. What this means to you is, that during the year, as well as at license renewal time you have several choices for your license status, depending upon how you intend to utilize your real estate license.
ACTIVE STATUS:
You will be licensed as an active real estate salesperson with Exit Lakes Realty. This is the appropriate choice if you are actively representing Buyers and Sellers.
Requirements:
£
Membership in the Board of Realtors
£
Errors and Omissions Insurance
£
Signed Independent Contractor/Compensation Agreements
£
License Renewal Fees & Continuing Education
£
Supra Lockbox key and dues associated with the Lockbox
£
Multiple Listing Fees
£
Business Cards
£
Education and Participation necessary to represent your clients best interests
REFERRAL AGENT THROUGH OPTION REALTY:
You will be licensed as a referral agent with Option Realty, Inc.
This is an appropriate choice if you utilize your license to purchase investment properties or occasionally collect referral fees and do not actively represent clients
Requirements:
£
License Renewal Fees & Continuing Education
£
$195.00 the first year, due upon licensing (which is refunded if you generate a referral that results in a referral fee) this fee is reduced to $150.00 in your 2nd year.
£
Signed licensed referral agent agreement with Option Realty.
We report your status to the National Association of Realtors as an associate of a Limited Function Referral Office (LFRO) for your board dues exclusion.
INACTIVE STATUS
You may place your license “on ice” (inactive) with the stat of
Requirements:
£
During the time you are inactive, you cannot represent clients or receive brokerage fees.
£
You will have to have completed the appropriate continuing education requirements prior to reactivating your license after having it held by the state and pay the appropriate licensing renewal fees.
£
More detailed information on reactivation is available on www.commerce.state.mn.us - click licenses on the top bar, then real estate on the left hand side.
Please let us know what status you prefer. If you have any questions or would like to be licensed with Option Realty contact:
Julie Olson
EXIT
952-697-5888