1. Real Estate Brokerage

2. History Small, independent firms MLS Large franchise operations Consolidation of services “one-stop shopping” Profitability in the real estate industry Small, independent firms MLS Large franchise operations Consolidation of services “one-stop shopping” Profitability in the real estate industry

3. Real Estate License Laws Alabama Real Estate Commission See book for purpose of license laws Alabama Real Estate Commission See book for purpose of license laws

4. Real Estate Brokerage What is brokerage? How a basic firm is put together Real estate assistants Role of technology Broker – salesperson relationship Independent contractor vs. employee see book for IRS details What is brokerage? How a basic firm is put together Real estate assistants Role of technology Broker – salesperson relationship Independent contractor vs. employee see book for IRS details

5. COMPENSATION! When is a commission earned? Payable? see the book for major points what does the listing agreement have to say about when a commission is earned? Procuring cause A broker is entitled to a commission when he or she has delivered a contract with a ready, willing, and able buyer. If the deal doesn’t go through, when might the broker still be entitled to compensation? - see the book. When is a commission earned? Payable? see the book for major points what does the listing agreement have to say about when a commission is earned? Procuring cause A broker is entitled to a commission when he or she has delivered a contract with a ready, willing, and able buyer. If the deal doesn’t go through, when might the broker still be entitled to compensation? - see the book.

6. Salespersons Commissions Traditionally Newer models Advertising Other fees and expenses Who else wants a cut? Traditionally Newer models Advertising Other fees and expenses Who else wants a cut?

7. Antitrust Laws and Price Fixing Don’t do it! Watch what you say to clients. going rate? most firms usually charge? Our firm charges.... Group boycotting Allocation of customers or markets Tie-in agreements Don’t do it! Watch what you say to clients. going rate? most firms usually charge? Our firm charges.... Group boycotting Allocation of customers or markets Tie-in agreements

8. Effect of the Internet Fee for services? Fewer agents with higher volume? Lower commissions Loss of business The end of the real estate business as we know it. Fee for services? Fewer agents with higher volume? Lower commissions Loss of business The end of the real estate business as we know it.