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Updated almost 9 years ago, 12/09/2015
Broker Fee or Broker Commission
Hello Fellow Agents
This is a legal question about the distinction between a broker fee and a broker commission.
When I work with a seller a listing agreement is signed detailing the fee involved for my services. This commission is usually split with a cooperating agent. After the split I then split that amount with the broker owner of my company x%.
When I work with prospective tenants or landlords I collect a flat fee from either the tenant or the landlord once the lease is signed by both parties. I then split this fee with cooperating agents ( if any ), and again x% with the broker owner of my company.
My question is do I have to split the fee with the broker owner of my company? Or do I only have to split commissions?
Thank you