Who is Going To Pay Me? Buyer or Seller? 2024
The Commission Lawsuits A jury ruled that NAR and various real estate brokerages conspired to stabilize or increase commissions and used the NAR’s cooperative compensation rule as a vehicle to do it. NAR is also a defendant in nearly two dozen additional commission lawsuits across the country. Sitzer/Burnett class action lawsuit The National Association of […]
Agency and Listing Agreements
Listing Agreements Listing agreements are service contracts. The Listing Agreement (Employment Contract) In real estate, a listing agreement is a contract between a property owner and a real estate broker that authorizes the broker to represent the seller and find a buyer for the property. The listing agreement is an employment contract rather than a […]
Termination of Agency
Mutual Agreement (Rescission) If a principal and an agent mutually agree to form an agency contract, they can mutually agree to terminate the contract. This is called rescission. Expiration Date All listing agreements must have an expiration date. When that date is reached, the principal and agent have mutually agreed in advance that the listing agreement […]
Creation of Agency, Agency and Non-Agency Relationships
Agency Agency is the foundation upon which real estate brokerage is practiced. Agency describes a legal and ethical relationship between a real estate licensee and a party to a transaction that may include a buyer, a seller, a rental property owner, or a tenant. The agency relationship governs the day-to day actions of every real […]