A broker is an agent who bargains or conducts negotiations for and on behalf of a person he or she represents, called a principal. The broker acts as an intermediary between the principal and third persons in the acquisition of contractual rights or the sale or purchase of property, and receives a commission or brokerage fee for his or her services. A broker has a duty to act in the principal's interest and not gain personal advantage at the principal's expense. The broker must avoid conflicts of interest that may arise in performing duties for or advising third parties whose interests are not aligned with those of the principal. A real estate broker offers services as agent in matters involving the sale, purchase, rental, and financing of real property.
The terms of the brokerage agreement determine the character of the services to be rendered as well as the broker's right to compensation in particular circumstances.
Idaho Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers is a legally binding contract between a property owner and an exclusive sales agency in the state of Idaho. This agreement grants the exclusive agency the right to represent the property owner in the sale of their real estate property for a specified period of time. Keywords: Idaho Exclusive Sales Agency Listing Agreement, Real Property, Brokers, Solicit, Co-Brokers. Under this agreement, the exclusive sales agency is granted the exclusive right to market and advertise the property, negotiate offers, and facilitate the sale process. The agency is responsible for actively seeking out potential buyers and cooperating with other licensed real estate brokers to market the property. Co-brokers play a significant role in this agreement as they assist the exclusive sales agency in finding potential buyers. Co-brokers are licensed real estate brokers who collaborate with the exclusive agency to promote the property and bring qualified buyers to the table. The agreement outlines the terms and conditions under which co-brokers will be compensated for their services. There are different types of Idaho Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers: 1. Open Listing Agreement: — This type of agreement allows the property owner to work with multiple exclusive sales agencies simultaneously. — The owner is free to find a buyer on their own and not pay commission to any agency. — Whichever agency brings a qualified buyer first is entitled to a commission. 2. Exclusive Right to Sell Listing Agreement: — This agreement grants exclusive rights to a single agency for a specified period. — The agency is exclusively responsible for marketing and selling the property. — Regardless of who brings the buyer, the exclusive agency is entitled to the commission. 3. Exclusive Agency Listing Agreement: — Similar to the exclusive right to sell agreement, but the property owner retains the right to sell the property on their own without paying any commission to the exclusive agency. — If the owner sells the property without the agency's involvement, or through a co-broker, no commission is due to the exclusive agency. In summary, the Idaho Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers is a crucial legal document that outlines the rights and responsibilities of the property owner, exclusive agency, and co-brokers. It helps facilitate the sale process and ensures fair compensation for the parties involved.
