3 May Is a licensed real estate agent, who represents a buyer under a buyer agency agreement May 3, 2017 By Cindy Sellers Distressed Properties 0 No. To be considered a foreclosure consultant under PHiFA, the REALTOR® must engage in specific activity, beyond the scope of your real estate license, including “systematically contacting owners of residences in default to offer foreclosure consulting services.” §7-301(C)(2). “Foreclosure consulting services” include “arranging or facilitating the sale of a homeowner’s residence or the transfer of legal title, in any form, to another party as an alternative to foreclosure.” §7-301(E)(7). Related Posts Once the buyer/tenant signs the buyer/tenant broker agreement, must I give the buyer/tenant the Understanding Whom Real Estate Agents Represent form so that the buyer/tenant can acknowledge that I represent the buyer/tenant? Once the buyer/tenant signs the buyer/tenant broker agreement, must I give the buyer/tenant the Understanding Whom Real Estate Agents Represent form so that the buyer/tenant can acknowledge that I represent the buyer/tenant? Q: Once the buyer/tenant signs the buyer/tenant broker agreement, must I give the buyer/tenant the Understanding Whom Real Estate Agents Represent form so that the buyer/tenant can acknowledge that I represent the buyer/tenant? Agency I understand that real estate licensees may provide ministerial acts in a residential real estate transaction. I understand that real estate licensees may provide ministerial acts in a residential real estate transaction. What is a ministerial act? Q: I understand that real estate licensees may provide ministerial acts in a residential real estate transaction. What is a ministerial act? Agency . Is a licensed real estate professional working with a seller in default under a valid listing agreement exempt from PHiFA? Is a licensed real estate professional working with a seller in default under a valid listing agreement exempt from PHiFA? 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? Comments are closed.