CHAPTER 6 - Real Estate Chapter 6 CHAPTER 6 THE SEARCH FOR...

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Real Estate Chapter 6 CHAPTER 6 THE SEARCH FOR REAL ESTATE I. Introduction A. Typical real estate transaction involves a series of 5 major contracts : 1. The seller’s contract with the broker 2. Purchase agreement between buyer and seller 3. A contract with the party who provides evidence of title 4. The buyer’s contract for property insurance 5. The buyer’s contract with a lender for financing B. This chapter deals with: 1. Relationship with the brokers 2. Problems involved in the search for real estate 3. Licensing requirement for brokers 4. Types of listing agreements 5. Duties of broker as an agent once deal has been made II. The Real Estate Agent A. Licensing Requirement 1. Real estate broker - an agent authorized under state real estate licensing laws to operate independently in a real estate brokerage business; negotiate the sale/purchase of real estate for a commission 2. State laws require that the broker pass an examination 3. Penalties for acting without a license: possible fine and imprisonment III. Listing Agreement A. Listing agreement - contract between seller and real estate agent 1. Contracts for purchase and sale of real estate must be in writing to be enforceable under the Statute of Frauds 2. Under the Statute of Frauds, the listing agreement must entail : J. Duong 1
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Real Estate Chapter 6 a. Names of the parties b. Percentage of commission (1% of gross sale) c. An exact description of the real estate B. Types of Listing Agreement 1. Exclusive Right to Sell - the broker entitled to commission even when the owner
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This note was uploaded on 04/04/2008 for the course BUSI 127 taught by Professor Dhooge during the Fall '07 term at Pacific.

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CHAPTER 6 - Real Estate Chapter 6 CHAPTER 6 THE SEARCH FOR...

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