Top Legal Issues Real Estate Agents Should Know

Sellers hire brokers to help a buyer for their real estate. Brokers have numerous duties that they must meet in order to earn their fee. The standard brokerage fee is a percentage of the sales price which is paid when the property settlement takes place. While performing their real estate duties, brokers also need to understand what legal issues apply. Legal issues include acting as an agent for the broker, giving legal advice and not real estate advice, making misrepresentations to get the sale, acting negligently, and other matters. Real estate brokers should obtain a license through proper training and certification. They are about by their organization’s code of ethics and professional standards. The listing agreement Real estate agents act on behalf of their principal – the seller. The standard listing agreement creates an agency relationship with the seller through a written contract. The listing agreement should identify: The amount the broker will be paid on…

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