Who is Oak & Stone Holding?
Oak & Stone Holding is a Michigan Real Estate Broker that holds licenses for Michigan salespersons who are not actively practicing real estate, but would like to keep their salesperson license. If you are a Michigan salesperson but you are tired of paying local board and MLS dues, and office fees, which can add up to hundreds or thousands of dollars each year, then Oak & Stone Holding may be the right fit for you!
More specifically, all real estate salesperson licenses are governed by the Michigan Department of Licensing and Regulatory Affairs (LARA). LARA requires that all real estate salesperson licenses be held by a Michigan licensed real estate broker, even if you do not plan to actively practice with your salesperson license. If you do not currently plan to engage in the practice of real estate, but still want to keep your license and generate some income from referrals, Oak & Stone Holding is your perfect employing broker!
How does it work?
If Oak & Stone Holding holds your salesperson license, then you agree not to actively engage in the practice of real estate. More specifically, you agree not to represent buyers or sellers or act as a property manager. This includes collecting fees or any compensation for selling/renting, providing or offering to provide market analyses, listing or offering to list, or negotiating the purchase or sale/lease of real estate. You also agree to continually abide by the laws and regulations of the State of Michigan and LARA. You are also responsible for paying all licensing fees to LARA and renewing your real estate license with LARA every three years.
When the time comes that you want to actively represent buyers and sellers again, you can easily transfer to another broker at any time. All you have to do is let us know that you no longer want Oak & Stone Holding to hold your salesperson license. When the time comes, you can simply use the State of Michigan's online MiPlus system to transfer your license to a new broker.
How much does it cost?
Dues are only $99 per year, which will be due upon license transfer with LARA. The commission split for any incoming referral is 75% to you and the licensee, and 25% to Oak & Stone Holding. Commissions payments are hassle free and paid by check or direct deposit within 48 hours of receiving earned commissions and completed referral documents.