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I'm newly licensed as a Mortgage Broker. I decided to hang my license with a
local Broker. He said he was in the mortgage business for 15 years. He pays
only 50% of the commission to start. I have no experience and he says he'll
do practically everything. Is that fair?
He said some things that bother me however. He didn't seem to know how to,
or want to activate my license with the state. How could that be if he's
been in business for 15 years? Isn't that required in Florida within 30
days? He also didn't want to put anything in writing and said all deals
would be in his name and he could even pay me in cash if I wanted.
Does this sound kosher? What should the procedures be? An employment
contract? I'm not sure what's customary in this business so I don't want to
say anything to him until I'm sure that what he's proposing is inappropriate
or illegal.
Many thanks,
Steve Montrose
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