17. Partnerships

Opinion Letter 93-19 (Thomas G. Mazzotta) - 5 member partnership of 1 attorney, 1 broker and 3 non-licensees; unlicensed persons can be members of partnership which is licensed as a real estate broker, just as unlicensed persons may be shareholders of a corporate real estate broker. However, salespersons may not be partners, just as they may not be shareholders in a corporation which is licensed as a real estate broker. Any partner who acts as a real estate broker under the name of the partnership (including the attorney) must be duly licensed as a broker 
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Fourth quarter Legal Lines now available

The fourth quarter 2017 Legal Lines is now available. This edition covers the misclassification of employees, escrow deposits, agricultural district disclosures and more. Learn more