LAW 3330 Chapter Notes - Chapter 6: Real Estate Broker, Listing Contract, Property Insurance
Document Summary
Contract with party who provides evidence of title. Buyers contract with a lender for financing. Licensing requirements (broker works alone; salesperson works for broker) most states require you be an agent before a broker. Real estate broker: agent authorized under real estate licensing law to operate in the real estate brokerage business, regulatory license: authorized to practice law (education is a requirement, revenue license: payment in order to do business. You cannot get paid without the regulatory license. Commission: payment by seller to broker for finding a buyer. Real estate salesperson: agent authorized to act in real estate transactions only under the control of a licensed broker. Realtors: brokers and sales persons who are members of the national. Association of realtors: must be a member to call yourself a realtor, not all brokers or agents are realtors. Listing agreement: contract between seller and broker in which the broker is authorized to serve as the seller"s agent.
