AGENCY/BROKERAGE Customer/Third Party- only owe Fairness, Honesty, Disclosure. Must turn a Customer/Third Party into a Client/Principle you do so by having them sign either a Buyers Rep Agreement or Seller Agency/Listing Agreement. 4 TYPES OF LISTING AGREEMENTS 1. Open Listing- Multiple Brokers Can Sell the Property and Who Ever Sells It Gets the Commission. 2. Exclusive Agency Listing- One Broker Only but If Seller Finds a Buyer, Then No Commission Is Due to Broker. 3. Exclusive Right to Sell- Only One Broker and The Broker Gets the Commission No Matter Who Brings the Buyer. 4. Net Listing- Legal in Texas but Has Ethical Issues, When the Seller Only Wants a Set Amount and What Ever the Amount Over the Set Amount Will Go to The Broker. Remember The Acronym- O.L.D.C.A.R O = Obedience. L = Loyalty. D = Disclosure. C = Confidentiality. A = Accountability. R = Reasonable Care and Due Diligence. INTERMEDIARY/IN-HOUSE two documents must be signed for this to be legal 1. Buyer tenant rep agreement/listing agreement. 2. Intermediary Relationship notice.

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jordancarter 7 months ago

This study guide is clear, well-organized, and covers all the essential topics. The explanations are concise, making complex concepts easier to understand. It could benefit from more practice questions, but overall, it's a great resource for efficient studying. Highly recommend!

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