REAL ESTATE BROKERS

BROKERS Agent vs. Broker Broker vs. Realtor® Listing agent vs. selling agent Seller’s agent vs. buyer’s agent Dual agency vs. one-party agency Buyer broker vs. seller broker

BROKERS Types of listings –Open listing –Exclusive agency listing –Exclusive right to sell or exclusive listing to sell –Multiple listing –Subagency –Dual agency –(continued on next slide)

BROKERS Types of listings (continued) –Cooperating broker –Net listing –Designated agent –Nonagent broker or transaction broker or limited agent or statutory broker –Internet listing –Commercial v. residential

BROKERS The Listing Agreement –Evidence of agreement –Oral agreements will not allow for commissions in most states –Parties –Property –Type of listing –Authority to sign as owner, agent, executor, administrator –Continued

BROKERS The Listing Agreement (continued) –Expiration date, extension, termination –Amount of commission –When a commission is due and owing Ready, willing, and able buyer Completed transaction –Signatures (authentication) –Other

BROKERS Duty and ethics –Fiduciary to principal –Duty of loyalty –Duty of disclosure –Duty of competence –Duty of care –Duties (some statutory) on earnest money –Disclosure and representations –Ethical issue of dual agency –Unauthorized practice of law?

BROKERS Discipline: suspension or revocation of license –Commingling of funds –Discriminating practices –Conviction of a felony –False advertising –Splitting commissions with an unlicensed party –Failure to deliver required documents –Failure to submit all offers –Breach of duties to seller and unethical conduct –The unauthorized practice of law