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Facts: Our caller, a listing agent, was having trouble finding a qualified buyer for her client’s property. Shortly before the listing expired, a buyer offered to purchase the property on an installment sales contract and agreed to pay $2,000 down and $500 a month beginning with the first of the following month.
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Hotline callers often want to know if it's legal to rebate or refund part of their commission to their clients. It is legal, provided the licensee is rebating or refunding commission to her own client and the rebate or refund is listed on the HUD-1.
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The PAR Legal Hotline often receives calls asking whether it is legal for a salesperson to refund or rebate a portion of his earned commission to his client. One issue is whether refunding the commission would be considered an illegal kickback under RESPA but there is a second issue involving the prohibition against paying...
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Agents often want to know why they can't take "their" clients with them when they switch brokerages. This will give some insight into the legal relationship with the consumer and how agents and brokers can address change.
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Thursday, Feb. 9, 2012
