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B.Types of Agents
1. Universal agent: Power to act for principal in all
matters
2. General agent: Power to act within limits of a business
or employment relationship
3. Special agent: Power to act in a specific event or
transaction
3 Types of Agents
Universal Agent:
Can act for the principal
Medical
in ALL matters
documents
Personal agreements
Taxes and other
business with govt.
Living
arrangements
Insurance
General Agent:
Can act for principal
within a specific business
Property
managers
Special Agent:
12-5
Listing Contract
A. Creates an agency relationship (special
agent)
B. A contract for services, not for real estate
C. Usually a contract between seller and broker
D. Increasingly between buyer and broker
E. Frequently involves sub-agency through
multiple listing service (MLS).
F. Dual agency: Representing both buyer and
seller
Listing Contract
A. A broker earns a commission by finding a
ready, willing and able buyer for the
specified price and terms
B.Types of contracts
1. Exclusive right of sale
2. Exclusive agency
3. Open listing
Commission Splitting:
Example
12-11
Industry Certifications or
Designations
A. Realtor or Realtor-Associate:
Affiliation, through local board, with
National Association of Realtors
B. CCIM: Certified Commercial
Investment Member
C. SIOR: Society of Industrial and Office
Realtors
B.International brokerage
1. Foreign purchases in the United States
2. U.S. interests purchasing abroad
12-19
B. Transaction Broker
1. Dealing honestly
and fairly
2. Limited
confidentiality
3. Disclosing all
known facts
affecting value
that are not readily
observable to
buyer
12-20