Real Estate License Advantages/Disadvantages?

Okay, I need some advice. I am taking some real estate courses because I thought having access to MLS via a real estate license would be a good strategy for investing. Now I am starting to have doubts about getting the license because the instructor told us that you have to disclose to the seller that they are selling below market and that I plan on selling it for X-amount of dollars at profit. He told us that in California (where I am from)that even if the seller signs the paperwork acknowledging the below market offer and your potential profit, that they could still come after you later for fair market value, if the court felt you were not upfront enough. So, do any of you great investors have a real estate license? Do you have to abide by these laws in your state? If yes, how are you getting around this hiccup? One classmate stated that if you owned a corp. or LLC that you don't have to disclose because it's a corp. Is this a loophole? If you have a real estate license, has it hindered you or helped you in your investing? My goals as an investor are rental properties, wholesaling and flipping. Besides the MLS, I thought a license would be handy in reselling my properties. If you're from California and you have a license, I would really like to hear your input. Thanks for the help... you guys are awesome.

Kim