City: Some suburban real estate agents skirt rules
More than half the suburban real estate agents involved in Philadelphia transactions during the four years ended June 30, 2014, did not comply with license and tax requirements, according to a survey by the Philadelphia Office of the Controller.
More than half the suburban real estate agents involved in Philadelphia transactions during the four years ended June 30, 2014, did not comply with license and tax requirements, according to a survey by the Philadelphia Office of the Controller.
Of the 389 agents surveyed, 108 responded, and 56 of them admitted that they did not have a commercial activity license or a business income and receipts tax account number. Those agents accounted for $56 million during the period under study, which means the city missed out on $380,000 in taxes from those sales.
The controller's office recommended that real estate agents be required to provide licensing and tax information on closing documents.
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