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socrateaser, Attorney
Category: Business Law
Satisfied Customers: 38894
Experience:  Retired (mostly)
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I am a New Jersey licensed agent. I had been with my broker

Customer Question

I am a New Jersey licensed agent. I had been with my broker for approximately five years. I decided to transfer my license to another brokerage on April 1, 2009. I owed my broker approx. $4,200.00, to which he added a two month desk fee for not giving him two months notice, in addition to other fees which took my balance up to $6,000. He tried to get me to sign a promissory note for the balance that owed to him but I refused. I left on the last day of March, so I have been gone for 3 months. I just received an email billing statement from him, charging me a $150.00 late fee for each month and interest for each month since I've left, all totaling approx. $856.00, which has taken the balance owed up to $7,016.00.

Is this legal and is there anything that I can do about it? I am currently with another Broker, however, I have not had a closing since October of 2008 and my husband has been unemployed since November of 2008.

Olga Goffney
Submitted: 8 years ago.
Category: Business Law
Expert:  socrateaser replied 8 years ago.

Your relationship with the broker is entiely controlled by any contract that you signed when you went to work in the office. If you agreed to two month's notice re the desk fee, then you're liable for it.


If you agreed to interest and late fees, then you may be held liable for them in court. If not, then you can't -- simple as that. See e.g., Payroll Express Corp. v. Marshall & Sterling, Adv. Proc. No. 98-8405 (U.S. Bankr Ct., SDNY 2005).


Hope this helps.


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