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More recently, CBS News, "60 Minutes" television news magazine reported in 2007 that competitive pressure resulting from a record number of licensed agents has driven down the average sales commission rates paid by sellers. [3] A new breed of marketplaces that enable agents to compete for sellers further add pressure to the commission rate ...
Under the longtime standard, if a homeowner sold a property for $400,000, about average for existing homes in the United States, the seller paid a commission of around 5 percent, amounting to $20,000.
Average mortgage rates open the week steady as of Monday, August 19, 2024, with moderate changes to 30-year and 15-year fixed-rate terms. Key for aspiring homeowners is a new law in effect this ...
A commission structure can apply to employees or independent contractors. Industries where commissions are common include car sales, property sales, insurance booking, and most sales jobs. In the United States, a real estate broker who successfully sells a property might collect a commission of 6% of the sale price. [7]
Some U.S. state real estate commissions – notably Florida's [5] after 1992 (and extended in 2003) and Colorado's [6] after 1994 (with changes in 2003) created the option of having no agency or fiduciary relationship between brokers and sellers or buyers.
In October, a federal jury found the NAR and some major brokerages liable for colluding to inflate commission fees, ordering the trade group to pay a historic $1.78 billion in damages.
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