Essay About Accurate Description And Agent Of The Listing Broker

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Listing Agreement (now called a service provisions agreement)
A type of employment agreement between a principal and a agent
It authorizes the broker to try to find (procuring cause) a ready, willing and able buyer on terms acceptable to the seller.
Parties
Seller is the principal
The broker is the agent
Salespeople are the sub-agents of the seller
Cooperating broker is the agent of the listing broker and the sub-agent of the seller
Salespeople in the cooperating brokers office are agents of their broker
Requirements
Names of all parties
Accurate description; does not have to be the legal description.
Terms and conditions (i.e. FHA or VA sales)
Commission
Asking price
Items included or excluded (i.e. Stove refrig)
Signature
Responsibilities to the principal
C – Confidentiality
L – Loyalty
O – Obedience
T – Trust
D – Do care/ do diligence
A – Accounting/ accountability
D -Disclosure
Responsibilities to principal
Licensees must Represent the general public fairly
Without deceit or fraud
Duty is over and above a fiduciary duty to the principal
Broker should never accept a fiduciary duty that conflicts with his/her duty to the general public
Reason for the rule is to be certain the public is protected
Patent defects
A defect plainly visible or as would be disclosed by the exercise of ordinary care
You do not have a duty to disclose a visible defects
Latent Defects
A licensees must reveal all known hidden defects
Is hidden or concealed one that could not be discovered by reasonable inspection
Puffing
An opinion not made as a representation of fact but in tended to enhance the value of property
Selling Disclosure Statement
Took