I want to know how many % did agent need to give their broker or firm in illinois and also in california .
I also want to know if that's possible one agent can list under one firm in California and also list under a firm in illinois as well ?
Can some one who use a california real estate license work under the broker agency in illinois ?
Thank you and appreciate all of your help !!
2007-07-12 13:30:04 · 3 answers · asked by Angie S 1 in Business & Finance ➔ Renting & Real Estate
If your agent has a license in California and in Illinois, he can work under different brokers in different states.
As far as the split, you are paying the broker to work for you. The split that went to the agent is part of the agreement between the broker and the agent, not you and the agent.
2007-07-15 15:26:49 · answer #1 · answered by rochelletherealtor 2 · 0⤊ 0⤋
The commission rate is established by the contract between the homeowner and the agent. the agent then determines the split of that total commission between the listing agent and the buyer's agent. In most transactions, that commission is split 50/50. So if the commission is 6%, the listing agents BROKER gets 3%, and the selling agents BROKER gets 3%. then the split of the 3% is determined by the contrct the agetn has with the broker. The higher the sales of the agent, the higher the % of the split they receive. So a top agent may pocket 90% of the split or 2.7%, withe the balance going to the broker. A new agent would receive only 50% of the split, or 1.5%
2016-05-21 01:31:52 · answer #2 · answered by mari 3 · 0⤊ 0⤋
Actually, the truth is that the agent isn't sharing with the broker, the broker is sharing with the agent.
I doubt very seriously that one state's real estate license is valid in any other state under any circumstances whatsoever.
2007-07-12 13:39:59 · answer #3 · answered by open4one 7 · 0⤊ 0⤋