Virginia License Law
A Virginia licensee who receives a referral fee from a home warranty company for each client referred must:
AKeep the fee regardless of disclosure
BDisclose the referral fee to the client and obtain consent✓ Correct
CTurn the fee over to the principal broker
DReport the fee to VREB within 30 days
Explanation
RESPA and Virginia license law require that any referral fee, kickback, or compensation from a settlement service provider be disclosed to the client. Undisclosed referral fees may violate both laws.
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