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Chapter 12 Real Estate Brokerage and Listing Contracts: A Brief Review

Chapter 12 Real Estate Brokerage and Listing Contracts: A Brief Review. REAL ESTATE FINANCE 331. real estate brokerage. Brokers are intermediaries: they bring buyers and sellers together Brokers charge commissions for their services

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Chapter 12 Real Estate Brokerage and Listing Contracts: A Brief Review

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  1. Chapter 12Real Estate Brokerage and Listing Contracts: A Brief Review

    REAL ESTATE FINANCE 331
  2. real estate brokerage Brokers are intermediaries: they bring buyers and sellers together Brokers charge commissions for their services Law of agency: broker or salesperson serves as principal for client Brokers have a fiduciary responsibility to their clients Maintain confidentiality Follow the instructions of their principal Keep principal informed of all financial aspects Don’t subordinate interest of principal to others Disclose all relevant information to the principal Always represent the interest of their principals to the best of their ability
  3. real estate brokerage Agency relationship begins with a listing contract Open listing: property may be listed with other brokers (MLS) Exclusive agency listing: owners may sell the property without paying commission Exclusive right of sale listing: broker gets commission regardless of who sells the property homework assignment Key terms: Fiduciary Relationship, Law of Agency, Open Listing, Principal
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