Gifts And Prizes

(1) A licensee may offer a gift, prize, or other valuable consideration as an inducement to the purchase, listing, or lease of real estate only if the offer is made: (a) Under the sponsorship and with the approval of the firm with whom the licensee is affiliated; and (b) In writing, signed by the licensee, with disclosure of all pertinent details, including but not limited to: 1. Accurate specifications of the gift, prize, or other valuable consideration offered; 2. Fair market value; 3. The time and place of delivery; and 4. Any requirements which must be satisfied by the prospective purchaser or lessor. (2) A licensee shall not give or pay cash rebates, cash gifts, gift cards, cash prizes, or any similar cash-based incentive in conjunction with any real estate transaction, except for the following circumstances: (a) A licensee may offer a gift card at an open house for other real estate licensees; (b) A licensee may offer a gift card as a closing gift; and (c) The gift cards in subparagraph (b) may not be used in any advertisement to induce business in conjunction with a real estate transaction.