Read Get the Facts including the Legal Hotline Q & A
Get the Facts is a Membership update sent to Washington REALTOR® members and contacts each Tuesday.  
Click here if you are having trouble viewing this message.
 
Weekly Membership Newsletter
July 17, 2018 • Stay Connected!
         

QUESTION:  A Financial Planner referred a listing to me with a request of 1% of my commission as a referral fee. We are supposed to close soon. I originally thought I could just have him paid 1% of my commission. Come to find out since he isn’t a seller or buyer or a licensed broker, it isn’t that easy. He is just the financial planner of the seller’s family estate. In order for him to get his 1% of the deal, would it work to reduce my commission by 1% on the listing side and have him submit an invoice to escrow for the 1% amount to be paid out of the net proceeds of the transaction?



ANSWER:  The Financial Planner, who is not a RE Broker (or either party to the transaction), is not licensed to receive any compensation from the sale of seller's property. If the financial planner takes compensation without a RE license, that is a violation of the License Law. That said, broker and listing firm can remove themselves from this situation by amending the listing agreement to reduce seller's commission obligation by 1%. Listing broker and firm can then amend their escrow instructions to accurately reflect the corresponding sharing of compensation between listing and selling firm, maintaining the selling office compensation as whatever was advertised in the MLS. That will free up 1% of the commission and seller can do with that 1%, whatever seller wants to do with that 1%. Seller can pay that money to seller's financial planner if that is what seller wants to do. That will still be a violation of the License Law, but the law violation will be between seller and financial planner and listing broker and firm will be out of it. Broker needs to have a conversation with the financial planner and seller and explain this situation. The referral agreement was actually a violation of law, when executed by broker and planner. Fulfilling the referral agreement would be another violation of law, which both broker and firm must avoid.

 

The Legal Hotline Lawyer does not represent Washington REALTORS or its members. To browse through our database of past Q & A's, visit www.warealtor.org. Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Please submit questions to legalhotline@warealtor.org . Please tell us your NRDS number when you e-mail the Hotline with your question.


 

Thank you, Corporate Sponsors!

  VHT Studios


  
 
Home Tours Are Happening Through Video Calls
(Source: REALTOR Magazine) The majority of home shoppers will want to see a place in person before they buy, but some house hunters are increasingly relying on video call tours—through Apple’s FaceTime, for example—to shop for a home, The New York Times reports. About 20 percent of buyers said they submitted an offer on a home without visiting it first, according to a recent survey by Redfin
 
More →
  
  
  
Summer Edition of RE Magazine is Out!
The print edition is hitting mailboxes but if you want to read RE Magazine on the go, visit our website or our award-winning App. Read about the REALTOR® Profile, the Legal Hotline article, and more...
 
More →
  
  
  
CarolAnn Durbon
We are saddened to announce the passing of REALTOR® CarolAnn Durbon. Please join us in offering condolences to all of CarolAnn's many friends in the industry and her family. Many will remember CarolAnn from her passionate involvement in conferences, committee meetings, volunteerism and more.  A local celebration of CarolAnn’s life will take place at 6 p.m. on Friday, August 17. Visit SKCR's website for more information.
 
More →
  
  
  
 
12 Website Optimization Tools
(Source: GoDaddy) Often digital marketers, web designers and developers, and growing businesses get caught up with blogging, website design and social media marketing — forgetting about the quality of their website. Your pages are vital for increasing conversions, boosting the number of sites willing to link to you, and improving your exposure and on-page SEO...
More →
  
  
  
Social Media & Content Marketing Tips From Inman Connect San Francisco 2018
RE Magazine contributor and social media expert Katie Lance spoke at Inman Connect San Francisco today. Here are her top tips for content marketing from her presentation and also additional resources she's compiled that might be helpful for you...
 
More →
  
  
 
Primary Mortgage Rates Survey
(updated every Thursday)  Source:  Freddie Mac
 
 July 12, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.53%  4.02%  3.86%
 Fees & Points  0.4
 0.4
 0.3
 Margin  N/A  N/A  2.76



 July 5, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.55%  4.04%  3.87%
 Fees & Points  0.5
 0.5
 0.3
 Margin  N/A  N/A  2.77



 July 5, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.52%  3.99%  3.74%
 Fees & Points  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.77



 June 21, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.57%  4.04%  3.83%
 Fees & Points  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.77



 June 14, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.62%  4.07%  3.83%
 Fees & Points  0.4
 0.4
 0.3
 Margin  N/A  N/A  2.77



 June 7, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.54%  4.01%  3.74%
 Fees & Points  0.5
 0.4
 0.4
 Margin  N/A  N/A  2.77



 
 UPCOMING CLASSES
 
Date Class Location CE  
26-JULY  NAR Code of Ethics Kennewick 3.0 More info...
16-AUG  The Hotline Vs. The Bottom Line Spokane 7.5 More info...
16-AUG  NAR Code of Ethics Webinar Live Webinar 3.0 More info...
23-AUG  CORE & More Longview 7.5 More info...
29-AUG  To Disclose or Not to Disclose Yakima 4.0 More info...
29-AUG  Don't Get Whacked by the WACs Yakima 3.5 More info...
29-AUG  NAR Code of Ethics Bellingham 3.0 More info...
30-AUG  The Hotline Vs. The Bottom Line Walla Walla 7.5 More info...
         

More Classes →


  
REGISTRATION IS OPEN FOR THE SYMPOSIUM
Jackie Leavenworth is back! Join Washington REALTORS® at the Fall Business Symposium on September 13th for a full day including three engaging sessions taught by Jackie. We'll be back at the SeaTac Conference Center at the Airport for this one 7.5 CE, parking, and lunch are included. Register today!
 
  
COE WEBINARS ARE BACK BY DEMAND
Washington REALTORS® will host COE Webinars starting in August to assist members with completing the mandatory training. Don't wait until the last minute, though! These webinars are capped and they fill up fast...
 
THURSDAY, AUGUST 16TH REGISTER
THURSDAY, SEPTEMBER 6TH  REGISTER 
THURSDAY, SEPTEMBER 20TH REGISTER
THURSDAY, OCTOBER 18TH REGISTER
THURSDAY, OCTOBER 25TH  REGISTER 
THURSDAY, NOVEMBER 29TH  REGISTER
WEDNESDAY, DECEMBER 5TH REGISTER
THURSDAY, DECEMBER 13TH  REGISTER 
THURSDAY, DECEMBER 20TH  REGISTER