The owner of a single-family home (LICO) enters into a listing contract that employs a broker to find a buyer for his property. The broker is represented by a listing agent in his professional life. The list price is set at fair value (FMV) on the basis of a comparable marketing analysis (CMA) established by the agent in anticipation of the listing of this property. [See first form Tuesday 318] When entering into list contracts, REALTORS® seller/renter must inform: Only REALTORS® who participated in the transaction as a list broker or cooperating broker (sales broker) can claim to have « sold » the property. Before closing, a cooperating broker can only publish a « sold » sign with the broker`s listing agreement. (Modified 1/96) I am a commercial broker specializing in office and real estate sales and leasing. This is excellent information, particularly examples of « customer confidentiality to avoid wrongdoing » and « voluntary confidentiality: contract law prevails. » Brokers should be wary of their obligations and restrictions. REALTORS®, at the request of buyers or cooperating brokers, will reveal, with the seller`s agreement, the presence of offers on the property. If disclosure is authorized, REALTORS® upon request, will also be disclosed if offers have been solicited from the stockbroker, another listing company licensee or a cooperating broker. (Adopted 1/03, modified 1/09) As a stockbroker, REALTORS® will continue to submit to the seller/renter all offers and counter-offers until a lease is concluded or executed, unless the seller/lessor has waived this obligation in writing.
Upon written request from a cooperating broker who makes an offer to the stockbroker, the stockbroker must confirm in writing to the cooperating broker that the offer has been made to the seller/renter, or a written notification that the seller/renter has waived the obligation to submit the offer. REALTORS® is not obliged to continue marketing the property after an offer has been accepted by the seller/owner. REALTORS® recommends that sellers/donors get advice from legal advisors before accepting a subsequent offer, unless the acceptance is conditional on the termination of the existing sales contract or lease. (Modified 1/19) Is the broker responsible for the loss of real estate value in the sale caused by the unauthorized disclosure of the owner`s personal and privileged financial information? A list agreement authorizes the broker to represent the client and the client`s ownership with third parties, including the guarantee and submission of offers for the property. Under the provisions of the Real Estate Licensing Act, only a broker can act as a broker to list, sell or lease another person`s real estate, and in most states, list agreements must be written. Section 16 does not prevent REALTORS ® from making general announcements that describe their services and the terms of their availability, even if some recipients have agency agreements or other exclusive relationships with another REALTOR®.