48. Stephanie is a real estate salesperson employed by Pacific Coast Properties. She sells a home listed by another broker, Island View Realty. After escrow was opened, but before closing, she asks the Island View broker for a $1,000 advance against her commission. What happens if the Island View broker agrees?
- 3 It will be a violation of real estate law.
If the Island View broker acted as Stephanie asked, it would, in fact, be a violation of the law on two counts. First, a licensee can only accept compensation from his or her employing broker. Second, no commission is earned until closing, so an "advance" against a specific sale can never take place.
