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All written agency agreements must: (4)
- 1. Be signed by all parties
- 2. Include the licensee's license number
- 3. Have a definite termination date
- 4. Contain the prescribed nondiscrimination provision
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Article 16 of the Realtor Code of Ethics prohibits:
Members of the NAR from the solicitation of business from a consumer that is party to an active exclusive agency agreement with another Realtor.
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Do-Not-Call laws/rules: A real estate licensee may call a consumer with whom they have an established business relationship for up to ____ months after the consumer's last purchase.
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To be entitled to collect a commission, an agent must be: (3)
- 1. Be actively licensed
- 2. Be employed by the principal under a valid written agency agreement, or be the procuring cause of the sale
- 3. Must produce a ready, willing, and able buyer.
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Antitrust Laws protect against:
Price fixing, group boycotting, and allocation of customers or markets, among other acts that would limit competition in the market.
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Open Listing
There are multiple agents, only selling agent is entitled to a commission, seller retains the right to sell independently without obligation.
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Exclusive-Agency Listing
There is one authorized agent, broker receives a commission if any broker is procuring cause, seller retains the right to sell without obligation to listing broker.
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Exclusive-right to sell
There is one authorized agent, broker receives a commission regardless of who sells the property.
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Net Listing
The excess amount over the sales price will go to the listing broker as commission. Strongly discouraged in NC.
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Protection Agreement
Guarantees compensation if a particular property is sold to a specific buyer
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Fee-for-service agreements (Limited service agreements)
is based on charges for separate broker activities that the client desires (unbundling of services).
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Multiple Listing Clause
Permits cooperation with other brokers in the multiple listing service.
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