Supreme Court and govt agencies allowing service fees to brokers
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06-05-2012, 07:34 AM
(This post was last modified: 06-06-2012 06:53 AM by Lester Langdon.)
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Supreme Court and govt agencies allowing service fees to brokers
On our recent MasterMind teleconference, there was conversation about challenges with government agencies (HUD?) allowing a broker to charge an service fee. (am I remembering correctly?)
This article about the recent Supreme Court decision may help. Is it illegal under federal law for a real estate brokerage to charge its clients fees for items or activities that in fact do not constitute any service for or benefit to the client? In this age of regulation and consumer protection, I suspect that most people would say, "yes, that's illegal." It must be against the law to collect unearned fees – to charge when no service is performed – mustn't it? Well, as it turns out, that's not illegal – at least not illegal under federal law. The Supreme Court just said so. Read more .... http://realtytimes.com/newsfiles/realtim..._respa.htm |
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06-06-2012, 06:15 AM
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RE: Supreme Court and govt agencies allowing advance fees to brokers
Seems pretty clear to me! At least, as you say... according to Federal law... will be interesting to see if this has any affect on the various state laws we discussed during that session...
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