Audit memo Harbor Seminar highlights this Florida rule. In a Tallahassee transaction, a closing coordinator wants the Florida rule on lawful referral fees. Which statement is correct?
Correct Answer
D) RESPA can prohibit kickbacks or unearned fees tied to settlement-service referrals.
RESPA can prohibit kickbacks or unearned fees tied to settlement-service referrals. This follows Florida brokerage law principles; F.S. § 475.25; RESPA Section 8; Pearson VUE Florida Sales Associate CIB.
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All of the following statements about commission splits in Florida are true EXCEPT:
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Broker Maria enters into a listing agreement with seller John for a 6% commission. The property sells for $350,000, and the listing agreement specifies that the commission will be split 50/50 with the selling broker. If Maria's brokerage keeps 70% of her portion and Maria keeps 30%, what is the correct procedure for commission distribution in Florida?