To protect brokers in this instance, most listing agreements have what is known as a “broker protection clause,” also known as an “extension clause” or “tail provision.” The broker protection clause provides that
if the owner contracts to sell the property with a buyer who was procured by the broker within a specified
…
What does protection mean in real estate?
A
safety protection clause
in a listing agreement entitles the real estate broker or agent to a commission after the listing expires or is canceled. … The broker must send notice to the seller with each buyer's name within a certain number of days after the house is off the market in order for the clause to apply.
What does agent protected mean?
It means that
although the owners haven't entered into an exclusive listing agreement with a RE firm to market their house
, they will pay any agent a fee or commission for procuring a buyer for their house.
How do I protect myself as a broker?
- Take only listings that you can adequately service. …
- Subscribe to a service of escrow publications. …
- Always keep a record of Non-disclosures with buyers. …
- Produce a list to the seller of all prospective buyers you have procured the buyer.
What is the protection period in a listing agreement?
The protection period in a listing agreement is
specifically there to protect the real estate agent
. For a certain amount of days after the contract expires, if any of the potential buyers that the seller's agent brought in actually buy the home, then you will still owe them the commission.
What does it mean when a property is agent owned?
Agent-owned properties are
residential and commercial properties owned
by the agent or being purchased for the agent as his or her primary residence or investment property. This means, as the agent, you have the potential to represent yourself as the buyer or seller in a real estate sale.
Is it permissible for a seller to pay a buyer's broker fee?
Is it permissible for a seller to pay a buyer's broker fee?
Yes, it should be stated in the contract
. No legal or ethical barriers prohibit the seller from paying the buyer's broker fee.
Can a broker guarantee the performance of service providers?
The offer will state if brokers refer buyer and seller to persons, vendors or service providers, that
brokers do not guarantee the performance of any providers
. Buyer and Sellers may select providers of their own choosing.
What are the three most common types of listings?
What are three most common types of listing?
Open listing, exclusive right to sell listing, and exclusive agency listing thing
.
What is the secret to a fast sale of a property?
The secret to a fast sale is:
a seller might have to lower the price of the property.
How do I protect myself in real estate?
- Keep Communication Open. …
- Take Charge of Your Schedule. …
- Settle Open House Apprehension. …
- Practice Careful Car Precautions. …
- Be Prepared. …
- Make Meetings Matter.
How do you stay safe in real estate?
- Meet New Clients at Your Office First. …
- Ask for Identification. …
- Do Social Media Recon. …
- Show Properties During Daylight Hours. …
- Notify Someone of Your Location at All Times. …
- Hold Onto Your Cell Phone at All Times. …
- Password Lock Your Cell Phone. …
- Don't Advertise a Listing as “Vacant”
Can I terminate my listing agreement?
In most cases, the best outcome will be mutually agreeing on a listing agreement cancellation. The first step is
to ask your real estate agent whether
you can cancel your listing agreement directly. … In most cases, real estate agents will cancel the listing upon request because they want to protect their reputations.
Which type of listing is least attractive to a broker?
| What happens if the broker cancels the listing or otherwise defaults? the client may sue the broker for money damaes | Which type of listing is least attractive to a broker? Open |
|---|
What is the condition required for an agent to be the procuring cause?
Procuring Cause Definition. A real estate broker is referred to as the procuring cause of a sale
if their outreach and actions resulted in the sale or lease of a property
. … If the agent claims they were the procuring cause of the sale, this could lead to a procuring cause dispute.
What is a Broker owner?
Broker-Owner means
the licensed Broker who is also an owner of the Brokerage Organization but does
not included owners, partners, members, shareholders or other holders of an equity interest who do not actively participate in the brokerage business of the organization.
