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Old 07-27-2015, 01:59 PM
 
8,948 posts, read 8,061,660 times
Reputation: 19444

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Every state has one basic law about real estate transactions.

One cannot accept a fee, or commission if it involves the sale of real estate. The one receiving the fee, is the one that can get serious fines and or jail, for receiving one if they are not licensed. You as the payer, are not in trouble, but the one receiving one without being licensed are the ones that can get in serious trouble.

Your reporting such fee for income tax, is proof they are doing acts only permitted to be done by a licensed agent. If they don't report it on their income tax, they are then guilty of tax evasion in addition to acting as an unlicensed agent.
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Old 07-27-2015, 02:19 PM
 
Location: Southport
4,639 posts, read 4,789,201 times
Reputation: 3413
Quote:
Originally Posted by oldtrader View Post
Every state has one basic law about real estate transactions.

One cannot accept a fee, or commission if it involves the sale of real estate. The one receiving the fee, is the one that can get serious fines and or jail, for receiving one if they are not licensed. You as the payer, are not in trouble, but the one receiving one without being licensed are the ones that can get in serious trouble.

Your reporting such fee for income tax, is proof they are doing acts only permitted to be done by a licensed agent. If they don't report it on their income tax, they are then guilty of tax evasion in addition to acting as an unlicensed agent.
Do you only respond to 5 year old posts?
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