Agent2Agent in 94112>Question Details

William Shie…, Real Estate Pro in San Francisco, CA

I have a mortgage co & real estate co and the board of realtors is dictating that the loan officers pay dues to the board.

Asked by William Shield, San Francisco, CA Thu Feb 2, 2012

They would receive no benefits as a board member. They can't be exempted as a limited function referral agent nor can I incorporate and license them under the corporation as the dues formula follows the agents licensed with the broker. Anyone have a solution other than paying the dues?

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It is common, and the cost of doing business.

My licensed real estate assistant is forced to pay dues & MLS fees! I feel your pain!
0 votes Thank Flag Link Sun Feb 5, 2012
Agent2Agent in 94112-

They will receive benefits as a "Local BOR Associate." - They will be listed in the "BOR Membership Rooster" as an "Associate." - Classified in: - "Mortgages" - "Loans" "Lending" - "Financing."

This provides the possibility of originating loans for other "Realtors" and "Associates.

Fees vary. In my area it is around $225 to $365 per year dependent upon the three boards in Orange County, CA..

It only takes one loan a year to cover this "Small Tax Deductible Cost."

The BOR Fees are recovered from the first loan generated from this new "Profit-Center." .... Happy funding- Rudi Hofmann
0 votes Thank Flag Link Sun Feb 5, 2012
1. If you have the option, quit the Board and join another more friendly Board (Some areas have multiple Boards in close proximity like SoCal)
2. Hire a different broker for either the RE or loan functions under different corps.
3. Get a CFL license for your loan agents
0 votes Thank Flag Link Sun Feb 5, 2012
You may want to review this issue with competent attorney to consider whether coerced membership by licensed loan agents in a realtor trade association as a condition of their employment with member-broker is abuse of association 's monopoly power, and whether this is enforceable under CA law. Otherwise, negative publicity campaign may be your only other option, bearing in mind this is what got the banks to back off from their proposal for monthly debit card fees.
0 votes Thank Flag Link Thu Feb 2, 2012
Sorry, no solution, but just to let you know this is very common. Every association I've been in requires all agents working under a member broker to be members, too. Doesn't matter if their function is mortgage or sales, if they have a DRE license they must be members.
0 votes Thank Flag Link Thu Feb 2, 2012
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