A licensed Illinois real estate broker has developed an interactive website that generates buyer and seller leads. The company enters into a referral agreement with a licensed broker in Maryland to participate in the program. Upon a closing the company collects a referral fee paid from the Maryland broker to the Illinois broker per the referral agreement. The Illinois broker is not licensed in Maryland, are there any restrictions regarding payment of the referral fee from the Maryland broker to the Illinois broker? May 3, 2017 By Cindy Sellers Commission 0 0 Comment Read More »
I am a listing agent involved in a short sale transaction. The lender has requested that I reduce my commission. The selling broker will not agree to accept less than what was advertised in MRIS. I included a comment in the remarks section that the commission was subject to lender approval. What happens if the selling broker refuses to take a commission that is less than what the listing broker offered in MRIS? Also, is it true that Fannie Mae servicers cannot condition the approval and closing of short sales on the willingness of the listing firm to alter its fee arrangement with the borrower as long as the total commission does not exceed 6%? Does this mean the mortgage company has to pay the fee if it’s less then 6%? May 3, 2017 By Cindy Sellers Commission, Ethics 0 0 Comment Read More »
An agent was affiliated with my company. She left the company before a transaction that she had been working on closed. I paid her compensation but it was not the compensation she would have received had she remained with the firm. Is there a law or regulation that obligates me to pay a full commission under these circumstances? May 3, 2017 By Cindy Sellers Commission, Ethics 0 0 Comment Read More »
The buyer submitted an offer to purchase a property. The seller's counter-offer included a slightly lower price and a reduction to the amount of requested closing cost assistance. The seller also sought a reduction in the commission to be paid to the buyer's broker. Does the seller have the authority to reduce the commission as offered in the multiple listing service by the listing broker? May 3, 2017 By Cindy Sellers Commission 0 0 Comment Read More »
I am the broker of record for a small real estate firm and the only individual who is licensed with me is my wife. Under Maryland agency law, are my wife and I permitted to act as Intra-Company agents under dual agency in the sale of our company’s listings? How many people does it take to provide dual agency? May 3, 2017 By Cindy Sellers Agency 0 0 Comment Read More »
May a broker pay a referral fee to a builder for seller and buyer referrals? May a broker pay a referral fee to a builder for seller and buyer referrals? If so, what is the recommended method and timing for disclosure? Is the referral fee required to be shown on the Closing Disclosure and Settlement Statement? April 26, 2017 By Cindy Sellers Transactions Involving Condos 0 0 Comment Read More »
May a licensee accept compensation from a Home Warranty Company without violating RESPA? May a licensee accept compensation from a Home Warranty Company without violating RESPA? April 26, 2017 By Cindy Sellers Transactions Involving Condos 0 0 Comment Read More »
May a broker charge an Administrative or Flat Fee or does that violate RESPA? May a broker charge an Administrative or Flat Fee or does that violate RESPA? April 26, 2017 By Cindy Sellers Transactions Involving Condos 0 0 Comment Read More »
If a tenant and landlord agree that the tenant is to pay rent in advance, is that a violation of the law limiting the amount of security deposit to two months' rent? If a tenant and landlord agree that the tenant is to pay rent in advance, is that a violation of the law limiting the amount of security deposit to two months' rent? April 26, 2017 By Cindy Sellers Transactions Involving Condos 0 0 Comment Read More »
Potential Liability Where Tenant has a Pit Bull Potential Liability Where Tenant has a Pit Bull April 26, 2017 By Cindy Sellers Transactions Involving Condos 0 0 Comment Read More »
Interest Rate for Security Deposits Interest Rate for Security Deposits April 26, 2017 By Cindy Sellers Transactions Involving Condos 0 0 Comment Read More »
Is there a limit on how much a condominium association or homeowner’s association may charge for the resale package? Is there a limit on how much a condominium association or homeowner’s association may charge for the resale package? April 26, 2017 By Cindy Sellers Transactions Involving Condos 0 0 Comment Read More »
In a transaction involving the resale of a condominium, which Maryland REALTORS forms are used and under what circumstances? In a transaction involving the resale of a condominium, which Maryland REALTORS forms are used and under what circumstances? April 26, 2017 By Cindy Sellers Transactions Involving Condos 0 0 Comment Read More »
I’m procuring cause, right? I’m procuring cause, right? April 26, 2017 By Cindy Sellers Procuring Cause 0 0 Comment Read More »
How is a listing agreement terminated? There is an important distinction between the rights and duties of the parties under the law of agency and under the law of contract. April 26, 2017 By Cindy Sellers Listing - Buyer Agent Agreements 0 0 Comment Read More »
May a broker pay an agent’s commissions to a business entity? May a broker pay an agent’s commissions to a business entity? April 26, 2017 By Cindy Sellers License Law 0 0 Comment Read More »
How long am I required to maintain records of transactions? How long am I required to maintain records of transactions? April 26, 2017 By Cindy Sellers License Law 0 0 Comment Read More »
The Do’s and Dont’s of Unlicensed Personal Assistants Do's The Do’s and Dont’s of Unlicensed Personal Assistants Do's April 26, 2017 By Cindy Sellers License Law 0 0 Comment Read More »