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Shouldn't be a problem. Agent may not receive ANY money from sale. I just had a fellow agent ask me to help him sell his short sale..he wanted a referral fee. NOT.
Although it's legal - Check with your E&O Carrier to see if they will cover you !
I just closed on a short sale for one of my agents with BofA. It was not an issue at all. The agent did not get paid.
Question, for you Bryant, did BofA still pay your office a commission?
I would say not since the arm's length ruling was meant to make sure that there is no collusion between buyers and sellers. Once you agent is not actually involved in the transaction and the seller properly discloses that he is an agent there should not be an issue. Just my opinion, but you can always check with your state's legal hotline!
It shouldn't be. I don't know what your State RE laws are. I'm in Las Vegas and we do it all the time. The "Arms Length" is between the seller and buyer. It has nothing to do with your being the listing broker of the seller, who happens to be an agent in your office.