A real estate broker offers services as agent in matters involving the sale, purchase, rental, and financing of real property. When selling property, brokers and agents arrange for title searches to verify ownership and for meetings between buyers and sellers during which they agree to the details of the transactions and in a final meeting, the new owners take possession of the property. They also may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for closing sales; in others, lawyers or lenders do.
Agents and brokers spend a significant amount of time looking for properties to sell. They obtain listings -- agreements by owners to place properties for sale with the firm. When listing a property for sale, agents and brokers compare the listed property with similar properties that recently sold, in order to determine a competitive market price for the property. Following the sale of the property, both the agent who sold it and the agent who obtained the listing receive a portion of the commission. Thus agents who sell a property that they themselves have listed can increase their commission.
A Hawaii Real Estate Sales Representative Agreement with Broker is a legally binding contract between a licensed real estate sales representative and a licensed real estate broker in the state of Hawaii. This agreement outlines the terms, conditions, and responsibilities of the relationship between the sales representative and the broker. Keywords: Hawaii, real estate, sales representative, broker, agreement, terms, conditions, responsibilities. In Hawaii, there are multiple types of Real Estate Sales Representative Agreements with Brokers, each serving specific purposes. These agreements include: 1. Exclusive Agreement: This type of agreement exclusively assigns the sales representative to work with only one broker. It restricts the sales representative from engaging in real estate activities with any other broker during the agreed-upon period. 2. Non-Exclusive Agreement: The non-exclusive agreement permits the sales representative to work with multiple brokers simultaneously. This allows the representative to broaden their business prospects and collaborate with different brokerages. 3. Independent Contractor Agreement: This type of agreement defines the sales representative as an independent contractor rather than an employee. It establishes that the sales representative is responsible for covering their own taxes, insurance, and other expenses, while the broker provides guidance and support. 4. Employment Agreement: An employment agreement establishes an employer-employee relationship between the sales representative and the broker. Here, the broker assumes responsibility for various aspects of employment, including tax withholding, benefits, and adherence to labor laws. Regardless of the type, a Hawaii Real Estate Sales Representative Agreement with Broker typically includes certain essential elements. These may include: a. Duration: It specifies the agreed-upon length of the contract, such as a fixed term or an open-ended arrangement. b. Commission Structure: This outlines the percentage or amount of commission the sales representative is entitled to receive for successful real estate transactions. It may also cover details on how commission splits work in the case of multiple representatives involved in a single transaction. c. Duties and Responsibilities: The agreement clearly defines the role and responsibilities of the sales representative, such as prospecting, marketing, listing properties, negotiating contracts, and client representation. d. Confidentiality and Non-Disclosure: It includes provisions regarding the confidentiality of client information, trade secrets, and proprietary information of the broker. e. Termination Clause: This specifies the conditions under which the agreement can be terminated by either party, including notice periods and potential penalties. f. Dispute Resolution: The agreement may outline the procedures for resolving disputes, whether through mediation, arbitration, or litigation. g. Compliance with Laws and Regulations: Both the sales representative and the broker must adhere to all applicable laws, regulations, and ethical standards in their real estate activities. It is important for both parties involved to carefully review, understand, and negotiate the terms of the agreement before signing. Consulting legal advice is also advisable to ensure compliance with local and state laws governing real estate transactions in Hawaii.
