Agent2Agent in Orlando>Question Details

Mike Luzzo,  in Orlando, FL

If a buyer wants to pay a broker cash payments in a transaction, the broker: a) may not accept any more

Asked by Mike Luzzo, Orlando, FL Thu Aug 20, 2009

than $5000 in cash in any one transaction.

b)must report the event to the IRS within 15 days after receiving more than $10,000 in cash for a single transaction.

c)must report the event to the IRS w/in 30 days after receiving more than $5000 in cash for a single transaction.

d) must report the event to the IRS w/in 15 days after receiving more than $10,000 in a bank check or wire transfer for a single transaction.

Help the community by answering this question:

Answers

6
The answer is b. 15 days for a cash single transaction of more than $10,000.
1 vote Thank Flag Link Fri May 6, 2011
e) should say no. (Does this count towards our CE requirement?)
0 votes Thank Flag Link Mon May 9, 2011
Take NO money and there is NO trouble honey!
0 votes Thank Flag Link Mon May 2, 2011
It sounds like you are working on your real estate broker's class. If you will check page 252 in your textbook, you will see that if a broker accepts more than ten thousand in cash, they are bound to report the receipt of that cash to the IRS on form 8300. Remember that form number. It is a question on the state exam. If the exam is in your future, watch my math review on You Tube. It is free. It will help you pass. I am sure you are aware that the pass rate for the broker's test is 44%. Call me if you would like the details on our review. That will also help.
0 votes Thank Flag Link Sun May 1, 2011
may not accept any more than $5000 in any one transaction
0 votes Thank Flag Link Wed Feb 23, 2011
Why would a buyer pay a broker cash payments?

-Was a sale transacted?
-Why would payments be made instead of one fee per the buyer-broker agreement?
0 votes Thank Flag Link Thu Aug 20, 2009
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
Contact
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer