A bill prohibiting licensed real estate agents from giving cash rebates to clients has been signed into law by Tennessee Gov. Phil Bredesen just weeks after the state real estate commission responded to a U.S. Justice Department investigation by repealing the ban on cash rebates.
According to Justice Department litigation chief John Read, the law “overrides the commission’s decision and eliminates the pro-consumer benefits of the commission’s efforts.”
J.A. Bucy of the Tennessee Association of REALTORS®, which supports the law, says non-cash gifts and prizes are still permitted.
Catch the last part? The local Realtor board supports the law, which outlaws cash rebates.
That’s because companies such as Redfin offer its clients rebates.
And Realtors fear Redfin, and other discount brokerage companies.
Source: No More Cash Rebates in Tennessee – Inman News, by way of Realtor.org
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