Listings Sec 19

A Listing is a Bilateral Employment Contract between principal and broker whereby the broker is employed by the principal to find a buyer and accept a deposit.  It is the most essential element of an enforceable broker-principal relationship. The duration for a listing may be for any length of time agreed to by both the broker and the seller.

A broker must care and skill when dealing for a principal. For a seller client this includes properly representing the property, establishing the correct listing price, warning a seller of tax consequences, and making efforts to sell the property.

• expressed- occurs by agreement between two parties.
• implied- is created by the acts of the parties

is one that appears to exist and is created by the acts of the parties.

is one who is aythorizedby a principal to perform any and all acts associated with the continued operation of a job or business.

is one who has limited authority and whose relationship with the principal is not expected to be continuous. Represents the principal in one specific transaction.

is one who has been given full power of attorney. A person who receives power of attorney is called an attorney in fact. The Equal Dignities Rule requires that a power of attorney be in writing.

Death, incapacity destruction of property, expiration, mutual agreement, breach of contract or abandonment, bankruptcy of the principal can terminate an agency agreement

is one who has been appointed by a broker to act for a specific principal or client. Sales associates of a broker who are acting for a specific seller or buyer would be a designated agent.

implies that the broker is representing the seller or the buyer in a transaction but not both.

• Misrepresentation- is usually an innocent act or misstatement about fact.
• Fraud- is an intentional act with the purpose of harming or taking advantage of another.

is one that can be found upon inspection. As a general rule agents not normally liable for patent defects

is a hidden defect. A seller or agent who knows of a latent defect and does not reveal the defect is liable to a buyer. An agent may be liable for a defect or problem if the agent "should have know about"

example ghost in property, KY you do not have to reveal stigmatized properties.

listing is one where the broker is guaranteed commission if the property sells during that listing period

the seller retains the right to sell the property, if he does , the seller owes nothing to the broker, if the broker or another broker sells the property, a commission is owed to the listing broker

a participating broker agrees to offer unilateral subagency to all members.