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Is a LA Real Estate License required to lease all or part of a warehouse?
Posted on 7/23/17 at 8:27 pm
Posted on 7/23/17 at 8:27 pm
What are the LREC regs on this? Can a non-licensed owner of a warehouse lease it to a lessee? There would be no commission. Thanks in advance...
This post was edited on 7/23/17 at 8:34 pm
1
Posted on 7/23/17 at 9:30 pm to tigerpawl
As the owner of the property you are not required to hold a license to engage in real estate activity. If you were trying to buy a piece of commercial property that was listed and wanted a piece of the listing commission you would need to hold a license.
Posted on 7/24/17 at 4:51 am to DieSmilen
Thanks for this.
In a related scenario, can the warehouse owner offer a finder's fee to anyone who brings a tenant to the table? Does the person receiving the finder's fee need a license? His only activity would be to have the tenant contact the warehouse owner.
In a related scenario, can the warehouse owner offer a finder's fee to anyone who brings a tenant to the table? Does the person receiving the finder's fee need a license? His only activity would be to have the tenant contact the warehouse owner.
This post was edited on 7/24/17 at 4:59 am
Posted on 7/24/17 at 8:55 am to tigerpawl
The warehouse owner can offer a finder's fee but the individual receiving the referral compensation is required to be actively licensed and the compensation must go through their current sponsoring broker.
Posted on 7/24/17 at 11:44 am to tigerpawl
previous posters here are right on the money....
you DO NOT need a license in Louisiana to sell/lease property where you are the rightful owner - HOWEVER paying someone a finder's fee would be considered in the same category as commission for "real estate activity" under Louisiana Law - which requires a license
you DO NOT need a license in Louisiana to sell/lease property where you are the rightful owner - HOWEVER paying someone a finder's fee would be considered in the same category as commission for "real estate activity" under Louisiana Law - which requires a license
Posted on 7/24/17 at 5:38 pm to 19thHole
agreed, good information so far in this thread
Posted on 7/25/17 at 5:27 pm to OceanMan
Thanks to all for the feedback.
For the record, in this scenario, no person holds a LA Real Estate License (lessor, lessee, or "the finder"). In addition, all parties would be aware of that. In a conversation this morning with a licensed real estate agent, the agent felt the LREC did not have oversight in this scenario (a private transaction). I thought the same, but that's not an objective opinion.
This brings me to my next (and hopefully last) question: How does the LREC get its oversight authority over private lease transactions?
For the record, in this scenario, no person holds a LA Real Estate License (lessor, lessee, or "the finder"). In addition, all parties would be aware of that. In a conversation this morning with a licensed real estate agent, the agent felt the LREC did not have oversight in this scenario (a private transaction). I thought the same, but that's not an objective opinion.
This brings me to my next (and hopefully last) question: How does the LREC get its oversight authority over private lease transactions?
This post was edited on 7/25/17 at 5:53 pm
Posted on 7/25/17 at 6:10 pm to tigerpawl
The LREC has no authority over a private transaction. They would have authority if compensation or valuable consideration is paid to an individual for real estate activity as defined under LSA R.S 37:1431.A.(24).
Basically no authority over owner or tenant but authority over third party who gets paid for listing, selling, negotiating, or procuring.
Also in your example the "the finder" is procuring a tenant a licensing activity.
§1436. Licensing and registration required
B. It shall be unlawful for any person, partnership, limited liability company, association, or corporation, foreign or domestic, whether pursuant to a power of attorney or otherwise, for a fee, commission, or other valuable consideration, or with the intention, in the expectation, or upon the promise of receiving or collecting a fee, commission or other valuable consideration, to engage in any real estate activity relating to any portion of a real estate transaction performed for another, unless exempted, as specified herein.
Basically no authority over owner or tenant but authority over third party who gets paid for listing, selling, negotiating, or procuring.
Also in your example the "the finder" is procuring a tenant a licensing activity.
§1436. Licensing and registration required
B. It shall be unlawful for any person, partnership, limited liability company, association, or corporation, foreign or domestic, whether pursuant to a power of attorney or otherwise, for a fee, commission, or other valuable consideration, or with the intention, in the expectation, or upon the promise of receiving or collecting a fee, commission or other valuable consideration, to engage in any real estate activity relating to any portion of a real estate transaction performed for another, unless exempted, as specified herein.
This post was edited on 7/25/17 at 6:21 pm
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