On Friday, April 23, 2010, Realcomp’s Board of Governors CARRIED the following MOTION to ensure that all parties are fully informed of any fee being proposed by the listing broker/agent that the buyer (upon acceptance) would be responsible to pay:
"If a Listing Broker/Agent is charging a fee to be imposed upon the purchaser of a property, notice of that fee must be included in the Public Remarks section of the listing. Additionally, violating this new rule will be a fineable offense.”
By passing the motion, the board neither supported nor denounced proposing a fee to the buyer–only that the listing broker/agent discloses the proposed fee in the Public Remarks section of the listing in advance.
UPDATE: To establish a fine amount for this violation and to further refine the policy, the following MOTION was CARRIED by the Realcomp Board on June 17, 2011: "to set a fine amount of $500.00 for failure to disclose required buyers fees, and to require the fees be disclosed through both sets of Remarks fields (Agent and Public)."
Summary: Based on these actions, the listing broker/agent must disclose through both sets of Remarks fields (Agent and Public) on the listing any fee being proposed that the buyer (upon acceptance) would be responsible to pay. Failure to follow this new procedure, may result in a fine of $500.00 to the listing broker/agent.
Note: The fine would be implemented when proof is submitted to Realcomp by the buyer’s agent showing the fee was not properly disclosed.
If you have any questions, please contact Realcomp's Customer Care Department at (866) 553-3430.