Brokerage Agreements

Question 1

What do all brokerage agreements need before being assigned? Do they need to be written?

Answer 1

Yes they need to be written, and need written consent of all parties ti the original agreement

Question 2

What do all listing agreements need?

Answer 2

Must be in writing, identifying the property and all terms and conditions under which the property is to be sold, including price, the commission to be paid, signatures of all parties, and expiration date

Question 3

Important Licensee duty after termination…

Answer 3

Keep all information confidential

Question 4

I’m any real estate transaction the brokers compensation may be paid by…

Answer 4

The seller, buyer, landlord, tenant, a third party, or by sharing commission between brokers

Question 5

What is a protective clause

Answer 5

It’s a clause in the listing agreement that would allow a broker to claim a commission after a listing expires, if the broker introduced the property to the buyer during the term of the listing

Question 6

Net listing prohibited

Answer 6

-no licensee can enter into a net listing agreement for the sale of real property

Question 7

How do you enforce a protective clause?

Answer 7

A provision for the protective clause in listing contract that establishes a definite protection period

Broker must provide to the owner in writing sent by regular and certified mail, or personal service with receipt, prior to expiration of the listing name and contact info of the person that was shown the property during the active term of listing and who it’s protecting