Land Development Joint Venture: Legal Requirements

Are both a licensed real estate broker and an attorney specializing in contract law required to have real estate licenses when forming a joint venture?

True or False?

Final answer:

In a joint venture between a licensed real estate broker and a contract law attorney, only the real estate broker needs a real estate license. The attorney does not require a real estate license to offer contract law services.

Explanation:

The statement in the question - because they are performing real estate services for compensation, both must be licensed real estate brokers - is false. In this joint venture, while it is required for the real estate broker to be licensed, the same does not apply for the attorney specializing in contract law. Their primary role is to handle legal aspects related to contracts and ownership, which does not necessarily require a real estate license. It's important to note that the capabilities and rights are based on their professional training and licenses - a licensed real estate broker for the former and a law license for the latter.