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Dual and Designated Agency Among 2009-10 BICAR Topics

The 2009-10 Broker-in-Charge Annual Review course will cover dual and designated agency, compensation issues, safeguarding trust accounts, and recent changes in broker-in-charge qualification and eligibility requirements.

Expanding upon discussion in the 2007-08 BICAR course, the course will address in greater detail the differences in practicing dual agency as “traditional” dual agents versus “designated” dual agents and the underlying authority and general expectations in practicing each including confidentiality issues.

Compensation issues involve how the lack of an active license may affect payment, who may be paid and by whom, referral fees, “bird-dog” fees, finder fees and other incentives, and the effect of a firm license lapse on affiliated brokers’ entitlement to compensation.

All BIC’s must take the BICAR course during the first full license period following initial designation and each license period thereafter.

This article came from the May 2009-Vol40-1 edition of the bulletin.