A bank gave $550 to a licensed real estate salesperson for referring the salesperson's prospective buyer to the bank for a new loan. When the salesperson's broker became aware of the $500 referral fee, the broker immediately fired the salesperson, notified the Real Estate Commissioner and warned all of his other salespeople never to accept such a fee. In this situation:
A) The bank is subject to disciplinary action by the Real Estate Commissioner
B) The salesperson is subject to disciplinary action by the Real Estate Commissioner, but not the broker
C) The salesperson and broker are subject to disciplinary action by the Real Estate Commissioner
D) The broker overreacted because a referral fee is legal
Correct Answer:
Verified
Q2: An appraiser is preparing the income approach
Q3: In appraising a home, one of the
Q4: A cloud on the title to real
Q5: When a new first trust deed and
Q6: What is the economic life of an
Q8: A planning commission's purpose is to:
A)Draw up
Q9: Mr) Jackson owns a home that is
Q10: The value of real estate is created,
Q11: A licensed real estate broker is accused
Q12: Pertaining to the Civil Rights Act of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents