Tom holds a valid Minnesota real estate salesperson license affiliated with Lakeside Realty. He recently received an offer from a buyer he has been working with independently, and the buyer wants to pay Tom a $5,000 referral fee directly for finding the property. Under Minnesota Statutes Chapter 82, which statement correctly describes Tom's ability to accept this payment?
Correct Answer
C) Tom may not accept the payment directly; all compensation must be paid through his supervising broker.
Under Minn. Stat. Ch. 82, a salesperson may not receive compensation — including commissions, referral fees, or any other remuneration — directly from a buyer, seller, or any party other than through the salesperson's supervising broker. All compensation must flow through the affiliated broker. This rule applies regardless of the amount or how the payment is characterized.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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