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