Under the Michigan Occupational Code, Act 299 of 1980, LARA-BPL has authority to impose disciplinary sanctions on a licensee for various violations. Which of the following actions would NOT constitute grounds for disciplinary action against a Michigan real estate licensee?
Correct Answer
D) Referring a buyer to a mortgage lender in a different state without receiving a referral fee
Referring a buyer to an out-of-state mortgage lender without receiving any referral fee or compensation is a routine professional courtesy that does not violate any provision of the Michigan Occupational Code or related administrative rules. No compensation is received, no conflict of interest exists, and no statutory duty is breached. This activity does not constitute grounds for disciplinary action under MCL 339.2516.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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