I'm referring a customer to a REALTOR® located in another part of North Carolina . . .

Legal Q&A | Do referral fees have to be disclosed to a customer?

QUESTION: I'm referring a customer to a REALTOR® located in another part of North Carolina where the customer is moving. I have just gotten into the business and this is the first referral I've made. I'm filling out the Referral Agreement (form 730) and I have a question. There are checkboxes on the form to indicate whether or not the Prospect is aware of the referral. I have disclosed the referral to my customer but I am not sure if that's all I have to disclose. I reviewed the REALTOR® Code of Ethics and Article 6 says that although REALTORS® have an ethical duty to disclose to a client or customer any financial benefit or fees the REALTOR® or REALTOR®'s firm may receive as a result of a recommendation for a real estate product or service, real estate referral fees are specifically exempt from the disclosure requirement. Am I correct that I do not have to disclose to my customer that I expect to receive a referral fee?

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Don’t wait until 2019 to revamp your business – Earn your GRI now

Do you know how many transactions you need to meet goals and make a profit? GRI Business Planning can help by giving you the right tools to develop a successful business plan, generate a continuous flow of buyers and sellers and set goals to measure success. Don’t wait until next year to revamp your business – take the course in Mooresville on Wednesday, December 5. Register here »

Can’t make that class? Don’t worry – the next GRI Business Planning will be held in Shelby on Wednesday, January 23. Register here »




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Look out for opportunities to engage with the Global Network in 2019. Visit global.ncrealtors.org.
 




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Attention Vacation Rental Managers –attend VRMA Connect in Chapel Hill

In partnership with the NC Vacation Rental Managers’ Association, VRMA Connect events bring together city-, state-, or regional-level organizations that are affiliated with the vacation rental industry. Up next – an event on Thursday, December 6, from 8:15am-6:30pm at The Carolina Inn in Chapel Hill. Registration is $125. Learn, network with industry suppliers, share ideas, and discuss local issues and challenges. Register here »