A Commission Split refers to the arrangement of sharing commissions earned between a sales agent and sponsoring broker, or between the selling broker and listing broker. This arrangement ensures that all parties involved in the transaction are compensated according to their contribution.
A crucial aspect of financial compliance involving the submission of detailed transaction information to the IRS. This ensures accurate tax assessment and can include various types of income, including commissions earned by real estate sales agents and the proceeds from real estate transactions.
A Pocket Card is required for salespersons and brokers in most states. Issued by the state licensing agency, it identifies its holder as a licensee and must be carried at all times.
The Recovery Fund is generally administered by Real Estate Commissions and requires licensees to contribute. It reimburses aggrieved persons who are unable to collect from brokers for wrongdoings.
