Mich. Admin. Code R. 339.22321 - Licensee commissions for other services; disclosure and consent of buyer and seller required
Rule 321.
(1) A
licensee who is entitled to receive, either directly or indirectly, a real
estate commission as a result of the sale of property, may not also receive a
referral fee or other valuable consideration for placing a loan in connection
with that transaction unless the licensee obtains the prior written consent of
the buyer and seller in that transaction and the fee is not otherwise
prohibited by the real estate settlement procedures act of 1974,
12 USC
2601 to
2617, or
other applicable law.
(2) A licensee
who is entitled to receive, either directly or indirectly, a real estate
commission as a result of the sale of property, may not also receive a referral
fee or other valuable consideration from an abstract, home warranty, title
insurance, or other settlement service provider in connection with that
transaction unless the licensee obtains the prior written consent of the party
or parties with whom the licensee has an agency relationship and the fee is not
otherwise prohibited by the real estate settlement procedures act of 1974,
12 USC
2601 to
2617, or
other applicable law.
Notes
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