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Posted by Bear900/CA on 11/15/19 2:21pm
who have the largest union type association (NAR), are supervised by real estate brokers, but yet treated as ICs.
Motgage brokers, on the other hand, have for the most part been pressured to withhold taxes and w-2 their once-independent contractor LOs. That said, many mortgage brokers balk and still 1099 their LOs, which is dangerous.
Interesting to note that in CA mortgage brokers and real estate brokers operate under the exact same license, a Real Estate Broker license issued by the department of RE. Yet those on the real estate side view sales people as independents. I think these sort of employee/employer relationships are what are being called into check.
Interestingly, in CA, acoording to the department of real estate, a broker is a broker is a broker. What do they mean by that? Specifically, that a broker working for a broker as an Associate broker, may per the DRE as of last year, work for as many other brokers as they may, as long as each broker gives permission.
That's an interesting status and runs somewhat parallel to an NSA who is given various rules and closing instructions from various parties, each party recognizing that other parties will have their own set of rules and instructions. Jmo
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