commission

(redirected from Broker Fees)
Also found in: Dictionary, Thesaurus, Medical, Legal, Financial.

commission

1. a government agency or board empowered to exercise administrative, judicial, or legislative authority
2. 
a. the authority given to a person or organization to act as an agent to a principal in commercial transactions
b. the fee allotted to an agent for services rendered
3. US the head of a department of municipal government

Commission

A formal written assignment for a work of art or architecture, for which the designer is paid.

Commission

 

in civil law, a contract according to which one party (the commission agent) is obligated by the commission of another party (the principal) to conclude a transaction (or several transactions) with a third person in his own name and for compensation but in the interests of and at the expense of the principal. Commissions are most common in contracts of selling and buying. Acting in his own name, the commission agent must execute all obligations and realize all rights for the transactions concluded and then turn over to the principal all property received and also all rights in relation to the third person. The agent must be guided by the principal’s instructions; he has the right to deviate from them only in cases where this is called for by the principal’s interests and where the agent was unable to ask the principal in advance or did not receive an answer from him in time. The commission agent is not responsible to the principal for the third party’s performance in the transaction once it is concluded, except in cases where he assumes a special guaranty (del credere).

The commission agent has the right to receive compensation from the principal for performance of the commission. The size of the compensation is determined by agreement of the parties if no other amount has been established by law. In addition, the principal must reimburse the agent for all expenses incurred by him. The agent may take all these sums from the money received by him on behalf of the principal.

In the USSR the commission contract is controlled by the Basic Principles of Civil Law of the USSR and the Union Republics of 1961 and by the civil codes of the Union republics. According to Soviet law, socialist organizations that enjoy the rights of a legal person may act as commission agents if their charters envision such functions. For example, consignment stores carry out the commissions of citizens, based on commission contracts, to sell consumer goods and motor vehicles; consumer cooperative organizations sell farm products on commission from kolkhozes; marketing organizations carry out commissions from enterprises to sell surplus and unused materials and equipment; and foreign trade organizations are commissioned by socialist organizations to purchase goods abroad to be imported.

References in periodicals archive ?
That means that if a tenant rents an apartment in midtown Manhattan for $2,500 (the average price of a one-bedroom apartment, according to New York Habitat), they will pay a broker fee of $4,500.
3) Did broker fees vary due to competitive pressure (e.
The lender agreed to pay a $127,500 civil money penalty and reimburse more than $102,000 to FHA for past claims and broker fees paid by borrowers who have since defaulted and were foreclosed on, according to HUD.
Some also couldn't afford to buy enough of an individual stock to outweigh the broker fees.
We alleged that Provident charged approximately 14,000 African-American and Hispanic borrowers higher total broker fees on mortgage loans than similarly-situated non-Hispanic white borrowers between 2006 and 2011.
Allegations also refer to lenders passing on relatively high broker fees to African Americans and Hispanics, differentially steering some demographic groups to subprime loans, denying loans disproportionately according to race and ethnicity, and engaging in deliberate redlining--the pattern by which financial institutions underserve, if not completely avoid, areas with relatively many minority residents.
At the same time, brokers said there are landlords who are having a hard time paying even a single commission, and who are trying to drag out payments or reduce broker fees.
At the Tribeca sales office of 200 Chambers Street, the new 258residence luxury condominium, Jack Resnick & Sons Managing Director, Dennis Brady, recently presented Prudential Douglas Elliman broker, Victoria Shtainer, with a commission check, inaugurating the new program for broker fees.
At Ethical Mortgage Solutions, for instance, our policy is never to charge any broker fees.
5 provides enhanced payable lines for lender and broker fees and gives us an option of both PCL and PDF delivery formats," said Debbie Roberts, assistant vice president of First Greensboro Home Equity.
s subsidiaries (AIG Federal Savings Bank and Wilmington Finance), in which the lender was found liable for the fact that some of its black borrowers were charged higher broker fees than similarly situated white borrowers.
Many developers are offering incentives to draw buyers, like paying common charges, broker fees, closing costs and coupons for free transfer taxes.