Definition of Commission/Real Estate:
Commission/Real Estate and Mortgage in Orange County:
The fee charged by or paid to a real estate or mortgage broker/lender, or to a REALTOR® for assistance in negotiating a real estate transaction. A commission is generally expressed as percentage of the sales price or mortgage loan amount. For example; 1 point would be equal to 1 percent of the loan amount. If a BanCorp listing agent agreed to list a property for a homeowner in Orange County and the agreed upon amount was for 3% and the home sold for $400,000, the commission would be $12,000.00 (.03 X $400,000).