Be careful with rebates and referral fees.
You can pay a portion of your commission to a buyer or a seller in a transactio but the rebate must be disclosed in the HUD-1; however, you can't pay a fee for referred business (Not even a cando bar) to unlicensed persons who are not buyers or sellers. That is illegal!!
This is an actual third degree felony for an unlicensed person to perform real estate services for others for compensation unless that person is exempt for licensing.
I do agree that people should get licensed to practice real estate. I do not agree that as agents are not able to compensate a friend or relative for refering us a deal. Many other industries are capable of doing business freely as long as they do not affect or compromise other people's interests.
At the end I think all of us know the difference between right and wrong and believe me, I will take a friend to a nice dinner after I close a ona $1,000,000.00 property if he or she refered it to me.
The whole real estate system is govern by all these banks and financial institutions that have screwed up the economy of an entire country and they still get more money from Obama, but if we repay someone without a license with a piece of candy "We are criminals".
Sometimes I think we live in a non sense world.
Miguel Angel Peralta: (954) 629-2580
Marco Antonio Peralta: (954) 663-3479
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