FRECI_11-5 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 11 – Lecture 5 Real Estate Contracts Copyright, 2005 2 Lecture Preview What will you learn from this lecture? Continue the discussion on important contracts in the real estate business Discuss items of importance in purchase contacts Introduce and discuss important disclosures required for real estate purchase contracts Copyright, 2005 3 Vocabulary Terms No vocabulary terms! Copyright, 2005 4 Contracts Important to Real Estate n Listing contracts o Buyer brokerage contracts p Purchase and sale contracts q Option contracts r Installment Sale Contracts Copyright, 2005 5 o Buyer Brokerage Contracts Names of the parties Effective and expiration dates Description of the type, features, and price range of property desired Buyer’s and broker’s duties Retainer (if any) and method of compensation Type of representation (single, transaction, or no brokerage relationship) Broker’s employment contract w/buyer Copyright, 2005 6 Broker’s Compensation hold an active license be procuring cause of the sale be contracted to receive compensation (commission, hourly fee, or flat fee) Only brokers may receive direct compensation Brokers must Brokers may receive a referral w/out being the procuring cause
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FRECI_11-5 - Lecture Preview Florida Real Estate Commission...

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