Posts by Elliott Caplan
Ask Elliott #14: Disclose a Referral Fee?
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A storage company stopped in this past week with a referral program for every client that we refer them they will send us $25. Seems like we would need to disclose that to the referral? We are participating in a community day soon. What are the restrictions around raffles or giveaways? In that setting can [...]
Ask Elliott #13: License Required?
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Must receptionists who do administrative work and give brochures in new home developments be licensed? PS [...]
Ask Elliott #12: Dual Compensation
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My buyer insisted that I add into the contract that he is going to pay me a large bonus in addition to the usual commission being paid by the seller. This is my listing and my buyer. I am a transaction broker on both sides. Is this OK? [...]
Ask Elliott #11: Referral Fees
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I got a referral for a listing nearly two years ago. Given the market, the property did not sell, even with a number of price reductions. I nearly lost the listing on the last renewal, but with a lot of effort I got it relisted. Happy to say the property is now under contract. The [...]
Ask Elliott #10: Tenant Eviction
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Can a tenant be evicted if they originally applied to be a single occupant, and eventually added a second occupant that was a minor? [...]
Ask Elliott #9: Contract Changes
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An agent writes a contract and changes are made during negotiations e.g.: price , mortgage terms, closing dates. Is it alright to change the first page and forward to everyone for signatures for the sake of a clean contract. Or do you need to show it with cross outs and initials? EB [...]
Ask Elliott #8: Owner’s Right to Possession
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Ask Elliott: I am selling a property that is currently occupied by a month to month tenant. My Buyer plans to use the property as a second home, primarily on week-ends. I understand that he can get the tenant out if this is his residence. Can he get the tenant out under these circumstances? – [...]
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Ask Elliott #7: Seller’s Concession
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Ask Elliott: If a contract is say $100,000 and the seller is giving a $5,000 seller’s concession. Is the commission based on 100,000 or 95,000 – JF [...]
Ask Elliott #6: IC Contracts
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Ask Elliott: Is it a matter of law in NJ that all salespersons working for a RE broker be given an independent contractor agreement? What if anything happens to the broker if such an agreement is not provided? Are the salespersons permitted to be paid commissions without an agreement and commission schedule in place? – [...]
Ask Elliott #5: RESPA
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Ask Elliott: My mortgage rep said that he would supply flyers for my listings because I usually refer my clients to him. Is it OK for him to do this? – RC [...]