(t) Divisions of Commissions.
When two brokers are interested in a sale, the commission shall be divided as follows:
50% to the broker representing the purchaser.
50% to the broker representing the seller.
When two brokers are interested in an Exchange, the Commission Shall be divided as follows:
Each broker to receive 50% of the total commission received from both sides of the exchange.
When two or more brokers are interested in one end of a sale or Exchange, the brokers representing that end shall divide 50% of the Commission received between such two or more brokers.
1 See Forms 18, 37 infra.
Form 10. - Schedule of Fees, Charges and Commissions. Philadelphia, Pa.1
(a) Commissions on Sales.
Improved property in the city of philadelphia .............................
Unimproved property ......................
Obtaining first mortgages.................
Obtaining second mortgages, amounts fixed by agreement.
The fees for appraising property are generally a matter of agreement between the parties, or if it is a matter which concerns the Court, the fee is fixed by the Judge.
Form 11. - Schedule of Fees, Charges and Commissions. St. Louis, Missouri.2
(a) Commissions and Charges.
In the absence of an agreement to the contrary between the parties concerned, the following schedule of commissions and charges shall obtain with respect to all transactions between members made upon the floor of the Exchange.
Sec. 1. On private purchases and sales of real estate, where the amount involved is $1,000 or less, $25; where the amount exceeds $1,000, 2½ per cent.
Sec. 2. On auction sales the seller to pay 2½ per cent, and in addition thereto all expenses of conducting the sale, except the auctioneer's fee. Commissions to be paid on all property knocked down at the sale. Where property is bought by an agent at auction sale for a client, $10 where amount involved is $2,000 or less; ½ per cent, where amount involved is over $2,000 and under $10,000, and ¼ of 1 per cent, where amount involved exceeds $10,000.
Sec. 3. On all loans of $1,000 or less, a commission of $25 shall be paid by the borrower, and on all loans of more than $1,000, 2½ per cent. If an agent shall make an application for a loan which shall be accepted, the borrower shall be liable for the foregoing commissions whether he shall in fact accept the loan or not.
Sec. 4. On a leasehold from thirty to ninety-nine years, 2½ per cent, on valuation of property; from twenty to thirty years, 2 per cent.; from ten to twenty years, 1½ per cent.; from one to ten years, 1 per cent, of gross rental; on annual leases for $2,500 per annum or less, $25. The value of a leasehold is to be determined by capitalizing the annual rental upon a basis of 4½ per cent.
1 This information is supplied by Mr, Frederick M. Pile, a member of the Board of Directors of the Philadelphia Real Estate Brokers' Association.
- From Article VI of the By-laws of the St. Louis Real Estate Exchange.
(d) Collection of Rents.
Sec. 5. Where monthly rent of one tenant is less than $100, 5 per cent.; if in excess of $100, 3 per cent.
Sec. 6. Where property appraised at $1,000 or less, $10; if over $1,000 and less than $10,000, 1 per cent., and ½ per cent, on every additional $1,000 up to $100,000; and ¼ of 1 per cent, on every thousand in excess of $100,000.
Form 12. - Rules and Regulations of the St. Louis Real Estate Exchange.
(a) Auction Room Fees - Ordinary Sales - Charges for Use of Auction Room.
Second. - Knockdown on real estate, when the aggregate amount is less than $5,000, $5.
Between the sums of $5,000 and $20,000, $10.
All above $20,000, 50 cents for each $1,000 in excess.
Commissions on sales of real estate at auction in this Exchange shall be the same as adopted in the by-laws. When property is advertised for sale at auction and is sold by the owner previous to the day of sale, the agent shall nevertheless be entitled to his commission.
(b) Judicial Sales.
Fourth. - All judicial, sheriff and trustee's sales may be held on the floor of the Exchange free of charge, and in such instances the same facilities for selling and posting notices shall be accorded to non-members as to members.
(c) Auction Sales.
Fifth. - No auctioneer shall raise a bid, and he shall not countenance any fictitious bidding, or by-bidding, or any practice calculated to deceive bidders at auction sales, or to impose a fictitious value on property offered for sale.
Sixth. - Any auctioneer violating the above rule, and the persons representing him, shall be liable to expulsion or suspension of privileges.
Seventh. - When property is offered at auction under special conditions, announcement of the same must be made before the sale by the agent or auctioneer.
Form 13. - Schedule of Fees, Charges and Commissions. Boston, Massachusetts.1
(a) Sale or Purchase.
Boston Proper - $10,000 or less..........................
Over $10,000 and up to $30,000, 2½% on
1 Schedule of rates adopted April 14. 1890 by the Board of Directors of the Real Estate Exchange and Auction Board (Boston), as amended March 14. 1892; March 9. 1903; October 8, 1906, and March 20, 1907. These rules prevail in the absence of special agreement.
$10,000 and ¼ of 1% on each $1,000 and
fraction thereof exceeding $10,000.
$30, 000 or over ................................
Suburbs (see Note) .............................
Elsewhere, the customary local charges.
Commissions, as above, paid by both parties.
Boston proper - $ 10,000 or less ........................
Over $10,000 and up to $30,000, 2% on $10,-
000 and ½ of 1% on each $1,000 and
fraction thereof exceeding $10,000.
$ 30,000 or over ................
Suburbs (see Note). ..................
Second Mortages ..............................
(Note) Suburbs include South and East Boston, Charlestown, Roxbury, West Roxbury, Brighton, and Dorchester.
Boston and Roxbury Lines. - The southerly lines of estates abutting on the southerly side of Massachusetts avenue from the Roxbury canal to the Providence railroad location and of Ruggles street and the Fenway from said railroad location to Brookline avenue, thence across the Riverway to the centre line of St. Mary's street.
Under three years, on amount of first years rent ......................
Three years, or over on gross amount of rent ..................
(e) Extensions of Leases.
For extensions of leases provided for in original instruments, if availed of by original lessees or their assigns, full leasing commissions to brokers negotiating such original instruments, payable upon effect of such extensions by such lessees; provided that the total commissions paid for original leases and extensions shall not exceed in amount a commission chargeable for the entire term covered by the original lease and its extensions.