Module 2, Part 1: Documenting Relationships Flashcards
Code of ethics requires that when documenting a relationship it must include
- Info regarding service alternatives, type of service and multiple representation
- Difference bw costumer & client
Registrant’s obligations for info before agreements is in
section 10 of the code of ethics
If the agreement is more than 6 months
the expiry date must be prominently displayed on the first page
When there is a verbal agreement w/ a seller it should be reduced to writing
before an offer is made
A brokerage cannot charge rumeration unless
there is a written agreement signed by the person who is paying the commission
Indemnification
Seller cannot hold the brokerage responsible for any damage that occurs during the marketing process
Exclusive listing
seller gives sole right to market and sell their property
only the brokerage with whom the seller has signed an Exclusive listing with can
show the property
Exclusive listing are usually not
advertised on a listing service
A property is advertised on a listing service when
the seller wants more exposure to buyers
Open listing is
for sale by owner
For sale by owner
seller does not list property w/ a brokerage, however allows any brokerage to set up viewings
Brokers protected
seller will compensate the brokerage who first acquires a ready buyer
Open listings are seen w/
office, retail and industrial properties
In a listing agreement the SP’s name is added later
where singing to bind the listing brokerage and declaration of insurance is provided
