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Ebook Real estate principles - A value approach (5/E): Part 2

(BQ) Part 2 book “Real estate principles - A value approach” has contents: Real estate brokerage and listing contracts, contracts for sale and closing, income taxation and value, leases and property types, mortgage calculations and decisions, commercial mortgage types and decisions, and other contents. | www.downloadslide.com Chapter 12 PART FIVE Real Estate Brokerage and Listing Contracts LEARNING OBJECTIVES After reading this chapter, you will be able to: 1 Describe the brokerage function. 2 State three reasons sellers use brokers. 3 Explain the real estate licensing process. 4 Explain the difference between licensing and industry designations. 5 Explain how commission rates are determined. 6 List and describe three types of listing contracts. 7 Describe three types of agency relationships in real estate brokerage. 8 List at least three protective provisions each for a property owner and broker that should be included in a listing contract. 9 List the ways that a listing contract can be terminated. OUTLINE Introduction: Brokerage—The Best-Known Type of Real Estate Business Real Estate Brokers as Market Facilitators Economic Rationale for Employing a Broker Law of Agency Types of Agents Fiduciary Responsibilities Real Estate Agents Problems in Real Estate Agency Relationships and Disclosures Transaction Brokers Licensing of Real Estate Brokers and Salespersons Brokerage Licensing Administration How to Obtain a Real Estate License License Law Infractions Designations in Real Estate Sales and Brokerage The Marketing Function Market Segmentation and Specialization Commercial Brokerage Residential Brokerage International Aspects of Brokerage Listing Contracts Types of Listing Contracts Open Listing Exclusive Agency Listing Exclusive Right of Sale Listing Innovations in Brokerage Buyer Brokerage New Listing Services and “Discount” Brokerage Listing Contract Provisions Termination of a Listing Contract Splitting the Commission www.downloadslide.com 306 Part 5  Brokering and Closing the Transaction Introduction: Brokerage—The Best-Known Type of Real Estate Business Many people think of real estate brokerage as the real estate business. Although we take a much broader view of real estate, we agree that brokerage is one of the largest and most visible .