[WSBARP] CFPB & Realtor Checks

[Richard Holland]

Hmm.  Interesting so I guess (and I have emailed the speaker for her authority), to sort of ‘reconcile’ the two we would, instead of putting:  $4,200 to ABC Realty on the Settlement Statement; have to put $2400 to Agent Smith of ABC Realty, $1000 to ABC Realty, $800.00 to Referral Realty Company.

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of atfitz at comcast.net
Sent: Monday, October 31, 2016 1:36 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] CFPB & Realtor Checks

I don't know anything about the CLE but it is the position of the Department of Licensing that a RE firm's designated broker can give written instruction to escrow to pay portions of the firm's compensation to others.  Payment to others will not lessen the B&O obligation for the firm but as a bookkeeping matter only, if the DB prefers for compensation to be paid directly to the firm's brokers (or others) that can happen so long as the DB gives escrow written instruction to that effect.

Thanks - Annie

________________________________
From: "Richard Holland" <rich at pnwle.com<mailto:rich at pnwle.com>>
To: "WSBA Real Property Listserv" <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Sent: Monday, October 31, 2016 1:26:56 PM
Subject: [WSBARP] CFPB & Realtor Checks

I was watching a CLE today and the presenter commented that the checks written on a file must exactly match what is stated on the Settlement Statement (I am not talking about the CDF here to be clear).  I bring this up because there is at least one real estate franchise in Washington that requests 4 separate checks from us at closing, breaking down their commission into broker, agent, b&o etc. and several that want a check to the agent separate from the balance to the broker.  Now we hate doing that anyway and I am only too glad not to have to do this.  However, I am trying to find where in the applicable law it says this so I can provide it when we are challenged.  I want to be able to say more than “Well, this CLE I watched….” So wondering if anyone is aware of the specific ‘authority’ for this because they have run into it as well.

Sincerely,

Richard L. Holland

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