SOURCE: Real Estate Services Providers Council, Inc. (RESPRO)

July 07, 2008 11:00 ET

RESPRO® Publishes 2008 "RESPA Guide"

WASHINGTON, DC--(Marketwire - July 7, 2008) - The Real Estate Services Providers Council, Inc. (RESPRO®) has published its 2008 Edition of its "RESPA Guide to Referral Fees: Do's & Don'ts for Salespersons."

This pocket "RESPA Guide" is designed to help real estate sales associates, loan officers, mortgage brokers, title agents, and other front-line salespersons in the home buying and financing industries better understand what referral activities are allowed under the Real Estate Settlement Procedures Act (RESPA), which prohibits "kickbacks" for the referrals of business.

"Many employees and real estate sales associates are regularly approached by offers of fees, part-time employment, chances to win prizes, and other incentives in exchange for their referrals of business," says Sue Johnson, Executive Director of RESPRO®. "We have updated our 'RESPA Guide' to help educate them on which activities are prohibited and which are not prohibited by RESPA in today's marketplace."

The "RESPA Guide," which was written by Jay Varon, Esq., of Foley and Lardner, LLP, provides an overview of RESPA's prohibitions, exemptions, and penalties for non-compliance. It also contains Fact/Comments that describe real-life scenarios involving incentive offers, with comments on whether the activity described in the scenario violates RESPA. The publication can be used as a day-by-day reference or to support company training programs. Electronic licensing rights are also available.

The "RESPA Guide to Referral Fees: Do's & Don'ts for Salespersons" can be ordered by visiting RESPRO®'s web site at https://www.respro.org/index.aspx?sectionid=36&pubid=122, emailing rbrevard@respro.org, or by calling Rae Brevard at 317-472-2430.

The Real Estate Services Providers Council, Inc. (RESPRO®) is a national, non-profit trade association of real estate broker-owners, mortgage lenders, title insurers and agencies, home builders, and other settlement service providers who support the offering of convenient, innovative and cost-effective services to consumers through affiliated businesses and strategic alliances across the home buying industry. For more information about RESPRO®, visit www.respro.org.

Contact Information

  • Contact:
    Rita Reynolds
    Director of Membership
    202-862-2051 ext. 212
    Email Contact