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Which Of The Following Statements Is True Concerning An Exclusive Listing Agreement

By Mark, December 21, 2020

If the broker or seller contains significant commitments or insurance regarding the property or what is included in the sale, these commitments must be included in the purchase and sale agreement. Brokerage sellers often present a standard list agreement (an agreement that contains “standard language”). These agreements are often used in practice. (However, they are not developed by the Real Estate Office or the State Government.) You can negotiate different terms acceptable to you and the broker. A broker can work for both the buyer and the seller on the same property, provided that the broker obtains the agreement of both parties and provides each with a written opinion on the relationship. In this case, the broker is considered a “double agent disclosed.” This broker owes both the seller and the buyer the obligation to treat them fairly and honestly. In this type of agency relationship, the broker does not represent the seller or the buyer exclusively, and no party can expect the broker`s undivided loyalty. A duale agency unknown to a real estate agent is illegal. Whether you are a buyer, seller, landlord or potential tenant, the obligations of a real estate agent or seller do not absolve you of the responsibility to protect your own interests. If you have any questions about your transaction, present them to the agent. If you need legal, tax, insurance or other advice, it is your responsibility to consult a professional in these areas. For example, if the total commission is 6% and the listing broker wants to offer 2.5% for the sales office, you might instead insist on paying 3%.

Be careful, as buyers` representatives are generally compensated according to market standards. If you try to change the distribution of compensation, the advertiser may refuse the S If a real estate agent works as an intermediary, that broker assists the seller and buyer in reaching an agreement, but does not represent the seller or buyer in the transaction. The intermediary and broker with whom the intermediary is bound must the seller and the buyer be obliged to present each property honestly and accurately by dividing known property defects and imposing accountability. Unless otherwise agreed, the intermediary is not required to keep confidential the information he receives from a seller or buyer. The intermediary`s role applies only to the seller and the buyer in the respective real estate transaction, in which the seller and buyer participate. If the seller and buyer expressly accept an agency relationship, an exclusive agency relationship can be changed either with the seller or with the buyer.