REE-3043 Chapter Notes - Chapter 12: Family, Discount Brokerage, Multiple Listing Service
31 Jan 2017
School
Course
Professor
Document Summary
Chapter 12: real estate brokerage and listing contacts. Quick facts: prices and terms in current market, marketing approaches that work, legal obligations of buyers and sellers, properties in market, potential customers and their needs, procedures and requirements of transaction. Types of agents: universal, general, special. Duties or fiduciary responsibilities: disclosure, accounting, obedience, loyalty, skill and care. Duties of principal: open, honest, fair. Two levels of licensure: salesperson, broker. Exemptions from licensure: attorneys, resident, managers, government employees, trustees, executors, and those with power of attorney. General requirements for licensure: minimum age, high school diploma, good reputation, prelicensing education requirement, pass state licensing exam, mi(cid:374)i(cid:373)u(cid:373) e(cid:454)perie(cid:374)(cid:272)e (cid:894)for (cid:271)roker"s li(cid:272)e(cid:374)se(cid:895) Innovations in brokerage: buyer brokerage, (cid:862)u(cid:374)(cid:271)u(cid:374)dli(cid:374)g of (cid:271)rokerage ser(cid:448)i(cid:272)es(cid:863, discount brokerage, electronic marketing for local brokerage firms. Types of contracts: exclusive right of sale, exclusive agency, open listing. Single agent vs. transaction broker: single agent. Disclosing all known fa(cid:272)ts affe(cid:272)ti(cid:374)g (cid:448)alue that are (cid:374)ot readil(cid:455) observable to buyer.
