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Chapter 8 Real Estate Brokerage

Chapter 8 Real Estate Brokerage. The real estate sales process, agency theory, licensing, types of brokerage firms and compensation. The Real Estate Process:. Listing agreements Marketing the property and qualifying the buyers Presentation and negotiations Contracts and closing.

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Chapter 8 Real Estate Brokerage

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  1. Chapter 8Real Estate Brokerage The real estate sales process, agency theory, licensing, types of brokerage firms and compensation.

  2. The Real Estate Process: • Listing agreements • Marketing the property and qualifying the buyers • Presentation and negotiations • Contracts and closing

  3. Real Estate Brokers and Salespersons: • Licensing of salespeople and brokers: • Transactions on one’s own behalf • Conducting transactions on behalf of others • State license requirements • Real estate brokerage regulation • Consumer protection

  4. Legal Aspects of the Broker-Client Relationship: • Agency Law • Principal • Agent • Subagent

  5. The Role of Real Estate Brokers: • Broker Representation • Listing Broker • Selling Broker • Buyer’s Agent • Dual Agent • Transaction Broker

  6. The Creation of Agency Relationships: • Broker-Seller Relationship (Seller’s Agent) • Open Listing • Exclusive-Agency Listing • Exclusive-Right-To-Sell Listing • Net Listing • Broker’s Right to a Commission • Broker-Buyer Relationship (Buyer’s Agent) • Buyer’s Representation • Types of Buyer Representation Agreements • Compensating the Buyer’s Broker

  7. Duties and Rights Under Agency Relationships: • Broker’s Duties: • Fraud and Negligence • Misrepresentation • Seller’s Agent’s duties to the seller • Fair Housing Laws • Steering • Blockbusting • Buyer’s Agent’s duties to buyers • Buyer’s Agent’s duties to seller’s • Disclosure of agency relationship

  8. Termination of Agency Relationships: • Methods of Agency Termination: • Sale of the listed property • Time limit expires • Mutual agreement • Breach of duties • Loss of contractual capacity • Improvements are destroyed • Property is taken by government under power of eminent domain

  9. Types of Brokerage Firms: • The one-office firm • Property type specialization • Franchises • Desk fee arrangements • Multiple Listing Services (MLS)

  10. Broker and Salesperson Compensation: • Percentage Commissions • Anti-Trust Violations • Compensation for Salespersons

  11. TYPICAL COMMISSION SPLIT Sale of Property $100,000 Commission 6.0% $6,000 Listing Broker Firm 50% of Commission $3,000 Selling Broker Firm 50% of Commission $3,000 Listing Salesperson 50% of Firm’s Commission* $1,500 Selling Salesperson 50% of Firm’s Commission* $1,500 *This percentage can vary from 50 percent to 90 percent depending on such factors as length of time the salesperson has been with the firm and whether he or she is an officer of the firm.

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