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A mortgage company offers the broker $100.00 for placement of a loan. this fee is allowed by the Real Estate Commission if the broker fully informs the party who he has a brokerage relationship with and obtains written consent of such party.
Real estate commission is defined as a fee paid to real estate agents for their services to buyers and sellers of property. This fee is usually a percentage of the total sale price. It is customary, though not legally mandatory, for the seller to pay the commission.
- Real estate commission is a fee paid to real estate agents for their services to buyers and property sellers.
- Average real estate commission rates are usually between 4%-6% of the total purchase price. It is split in half between the listing broker and the buyer’s broker.
- The entire commission structure is negotiable and based on demand and supply.
- The commission is the only payment brokers receive in return for the hard work, time, and money they invest in the hope that they can sell the property quickly.
Typically, buyers and sellers of real estate property avail the services of real estate agents or brokers to facilitate the transaction. Those who hire a broker’s services are the clients (i.e., sellers and buyers), and those hired for rendering such services are the agents (i.e., brokers).
Real estate commission varies widely based on the market, property value, asset class, brokerage company, and fees. Generally speaking, the commission is between 4%-6% of the purchase price.
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