which of the following types of compensation may an agent share with a licensed attorney

Can a licensed property/casualty insurance broker share Commission with an insured's affiliated entity?

(a) A resident agent or broker may divide or share in commissions or compensation with other resident agent or brokers licensed to write the same kind or kinds of insurance. (b) A resident agent or broker and a non resident agent or broker may divide among themselves commissions as to kinds of insurance for which both are licensed and which business has been written …

Can a licensee perform services that should be performed by lawyers?

But the Medicaid agency may still object to the amount, arguing that there is no obligation on your mother’s part to make the payments in the absence of a service agreement. You may draw up a written agreement, but if you’re signing as both parties – on your mother’s behalf under the power of attorney and on your own as the service ...

Do insurance companies have to pay commission to agents?

may share his commission with a licensed attorney. must report all offers to Smith. can make a profit in addition to his commission. must report all offers to Smith. What is special about a universal agent? A universal agent has power of attorney. A universal agent has veto power. universal agent has unilateral power.

Can a resident agent or broker divide commissions among themselves?

Brokers may share compensation with any of the following licensed persons except? Certified residential appraisers. When did New York begin to require home inspectors to be licensed. 2005. ... To what type of agent does the principal sign a power of attorney? Universal agent.

Can a broker licensed in Texas share a commission with a broker licensed in another state?

Section 535.1(e) of the Rules provides "The Real Estate License Act permits Texas-licensed brokers to cooperate with and share earned commission with persons licensed as brokers by other states, but all negotiations within Texas must be handled by Texas licensees."

What is the type of agency created when a licensee holds a stake in the transaction?

What is the type of agency created, when a licensee holds a stake in the transaction? Agency coupled with interest.

Is a referral fee a kickback?

Referral fees become unlawful kickbacks when they are involved in a fee-generating home sale. Typically, a broker or agent earns fees as a result of services rendered — here, the only service rendered in exchange for the referral fee is, well, the referral.Jul 7, 2020

Can you pay a referral fee to an unlicensed person in California?

California real estate law permits the payment of referral fees to unlicensed persons. Other states may prohibit that. In California, the only restriction is that the recipient of the referral fee must not have any involvement in the transaction itself.Jun 27, 2016

What type of agency is formed when a licensee represents either a seller landlord or a buyer tenant directly and exclusively as an agent?

Single agency is when a licensee represents a either a seller/landlord or a buyer/tenant directly and exclusively as an agent.

Which type of compensation is more likely to be used in a commercial rather than a residential transaction?

Terms in this set (6) Which type of compensation is more likely to be used in a commercial rather than a residential transaction? Some brokers, more so in commercial than in residential transactions, negotiate their agency agreements stating that they will receive a non-refundable up-front retainer fee.

What section of RESPA regulates kickbacks?

RESPA Section 8(a)RESPA Section 8(a) prohibits the giving and accepting of kickbacks (e.g., cash or other “things of value” as defined in RESPA and Regulation X) pursuant to any agreement or understanding to refer settlement service business or business incident to a real estate settlement service in connection with those loans.Oct 7, 2020

Why are kickbacks prohibited under RESPA?

The Real Estate Settlements Procedures Act (RESPA) protects consumers by banning kickbacks that tend to unnecessarily increase the cost of mortgage settlement services. RESPA also helps promote a level playing field by ensuring companies compete for business on fair and transparent terms.

What is another name for finders fee?

A finder's fee (also known as "referral income" or "referral fee") is a commission paid to an intermediary or the facilitator of a transaction.

Can California insurance agents pay referral fees?

(a) It is unlawful for any person to solicit, receive, offer, or pay any referral fee for the referral of an individual for the furnishing of services or goods for which the person knows or should have known whole or partial reimbursement is or may be made, directly or indirectly, by any insurer.

Can a California real estate agent pay a referral fee?

In California, the Bureau of Real Estate and California law permit a licensed real estate brokerage to pay a referral fee for a real estate transaction to a person not licensed by the Bureau of Real Estate, only if the person who is to get such a fee was not soliciting on behalf of the brokerage.

Are referral fees allowed in California?

The California rule is one of a minority of states that permits a “pure referral fee,” i.e., California permits lawyers to be compensated for referring a matter to another lawyer without requiring the referring lawyer's continued involvement in the matter. In Moran v. Harris (1982) 131 Cal.

What is a universal agent?

A universal agent has veto power. universal agent has unilateral power. A universal agent has statutory powers. A universal agent has power of attorney. The authority to act for another person in specified or all legal or financial matters. Power of attorney. A special agent is also known as a. single or solo agent.

What is an express agency?

An actual agency created by written or oral agreement between the principal and the agent. Through this agreement the principal authorizes a person to act as the principal's agent. For example, a written listing agreement between a seller of real estate and broker is this. Express agency.

Can an agent disobey a seller's instructions?

The agent may disobey those instructions in good faith if the agent feels it is necessary. The agent must follow all the instructions of the seller even if they violate state law. The agent must follow those instructions regardless of personal feelings about them, as long as they do not violate the state or federal laws.

What is the duty of fairness of an agent?

1. The agent has a duty of fairness to a client and a fiduciary duty to a customer. . 2. The agent has a fiduciary duty to neither the client nor the customer.. 3. The agent has a duty of fairness to both the client and the customer. . 4. The agent has a fiduciary duty to a client and a duty of fairness to a customer..

What is a broker in real estate?

3. A party - A broker is not a party in the real estate transaction but may be a party to a listing agreement.. A professional real estate licensee. 1. is skilled in every area and never needs the help of other professionals..

What is a fiduciary duty?

The agent has a fiduciary duty to a client and a duty of fairness to a customer.. 4. The agent has a fiduciary duty to a client and a duty of fairness to a customer - A licensee works with a customer and for a client. A broker who assumes responsibility for the real estate brokerage activities of a sales agent is called a. 1. broker associate..

How to make a seller's offer higher?

1. Provide the highest offer to the seller and hold the other offers until the seller has made a decision on the highest offer.. 2. Notify the agents of all potential buyers that there are multiple offers and explain the differences between the offers to each agent..

What does Brent do in Bob the Broker's Office?

Brent, a licensee in Bob the broker's office, wants to help his mother-in-law find a townhouse. When Bob obtains the listing on an appropriate property, Brent shows his mother-in-law the property. She wants to make an offer.

Can a licensee agent be a fiduciary?

This is a fiduciary duty and a licensee agent cannot be a fiduciary for a customer. Nearly every state requires. 1. representation of the seller.. 2. representation of the buyer.. 3. written or oral disclosure of agency.. 4. dual agency..

Can a broker own a firm with two sponsored sales agents?

A. A broker owns a firm with two sponsored sales agents.