DISCLOSURE TO SELLERS OF EXPECTED REMUNERATION
Mandatory Form required under section 5-11.1 of the Real Estate Rules.
Each time a trading services licensee presents an offer to their seller client, they must include a completed disclosure form that informs the client about the remuneration the licensee's brokerage will receive.
The form explains to the seller:
- the total commission that the listing brokerage would receive if the offer is accepted
- how the commission would be shared with any cooperating brokerage
- any other payment the licensee will receive, or expects to receive, as a result of the trade
This information helps ensure that sellers are fully informed of the expected remuneration that the brokerage(s) will receive if they accept an offer.Posted by Denise Brown PREC on