FACTS:                    

The owner/broker of a real estate firm is going to sell the business to his longtime licensee. The licensee is going to purchase the business “in partnership” with his wife who does not hold a license. 

ISSUE:                      

May an unlicensed person hold an ownership interest in a brokerage firm?

ANSWER:                

Yes.

DISCUSSION:         

Brokerage firms must have a duly qualified designated broker and otherwise follow the statutes and Arizona Administrative Code applicable to the operation of a brokerage firm.  However, there is no requirement that owners of a brokerage firm must hold a real estate license.