Key Takeaways
- Verify agent license status on the state commission website before every engagement—expired licenses can void transactions.
- Clear Cooperation Policy requires MLS submission within one business day of public marketing—pre-marketing restrictions protect seller interests.
- RESPA prohibits kickbacks and unearned referral fees—violations inflate closing costs and reduce service quality.
- Review MLS listing data for accuracy within 24 hours of submission—errors create appraisal and misrepresentation risks.
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Test Your Knowledge
1.What is the most common brokerage compliance failure that impacts investors?
2.What is the regulatory consequence for a brokerage that mishandles escrow/trust account funds?
3.How should investors verify that their earnest money is properly handled?