Thinking about retiring from your real estate business? As with so many things in real estate, there are options depending on HOW retired you want to be. Find the path below that mirrors your desire:
I am tired and want an indefinite break from real estate:
- But I would like to still give and receive referrals:
- You must maintain an active license by taking CE and paying the annual renewal fee
- IF you are a PB, you must remain affiliated with a BIC even if only a referral agent; and, you will need to complete your post-licensing education on time.
- IF you are a FULL broker, you can remove your affiliation with a brokerage/BIC and move your license to your home address
- You cannot solicit referrals through advertising unless you designate as a BIC
- You can place referrals that “fall in your lap”
- But I might want to “get back in the game” later:
- You may put your license on inactive status; NO brokerage activity is allowed
- You must still renew your license every year
- Completion of CE is optional while on inactive status
- If you stay up-to-date with annual CE, activation requires only a form submission
I am DONE with real estate FOREVER!
- IF you are absolutely sure that you will never want your license back:
- You may submit a license cancellation form to cancel your license
- This is PERMANENT; the license cannot be reinstated
- If you change your mind and want your license back, you would be required to pass the Broker Prelicensing Course and the license examination
- If you are not 100% sure, consider the “indefinite break” options listed above.