Advance fees are payments made to a broker for services that have not yet been completed, according to the "Department of Real Estate" (DRE). Advance costs are also deposits given to a broker to cover any expenses they may have while providing their services.
These are questions that the above text answers:
1. According to the Department of Real Estate, what are advance fees?
2. What are advance costs in real estate transactions?
3. Who receives advance fees in real estate transactions?
4. What is the purpose of advance fees in real estate?
5. How does the Department of Real Estate define advance fees?
6. What are advance fees used to cover in real estate transactions?
7. When are advance fees typically paid in real estate transactions?
8. What is the role of a broker in advance fee transactions?
9. What is the responsibility of a broker when receiving advance fees?
10. Are advance fees refundable in real estate transactions?