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 Wake North Carolina Real Estate Sales Representative Agreement with Broker is a legally binding contract that outlines the terms and conditions under which a real estate sales representative is hired by a broker to represent the broker's real estate business in Wake County, North Carolina. This agreement establishes the rights, responsibilities, and expectations of both the sales representative and the broker in their professional relationship. Key Terms: 1. Roles and Responsibilities: This agreement clearly defines the roles and responsibilities of the sales representative and the broker. It outlines the duties of the sales representative, such as marketing properties, conducting negotiations, and facilitating transactions. It also outlines the broker's obligations, such as providing training, support, and leads to the sales representative. 2. Compensation: The agreement specifies the compensation structure for the sales representative, including the commission split between the sales representative and the broker. It may also include provisions for bonuses, incentives, or other forms of compensation based on performance. 3. Termination: The agreement outlines the circumstances under which either party can terminate the agreement, such as breach of contract, non-performance, or violation of real estate laws or regulations. It may also include notice periods and procedures for termination. 4. Confidentiality and Non-Disclosure: This section may include provisions that require the sales representative to maintain the confidentiality of any proprietary, confidential, or sensitive information related to the broker's business or clients, even after the termination of the agreement. 5. Independent Contractor Relationship: The agreement establishes that the sales representative is an independent contractor, not an employee of the broker. It clarifies that the sales representative is responsible for their own taxes, insurance, and business expenses. Types of Wake North Carolina Real Estate Sales Representative Agreements: 1. Exclusive Sales Representative Agreement: This agreement grants exclusive rights to the sales representative to represent the broker's real estate business within a specific area or for a specified period. In return, the sales representative is expected to dedicate their full efforts to the broker's business during the term of the agreement. 2. Non-Exclusive Sales Representative Agreement: This agreement allows the broker to engage multiple sales representatives to represent their real estate business simultaneously. The sales representative is not restricted from representing other brokers or engaging in other real estate activities alongside the broker's business. 3. Limited Term Sales Representative Agreement: This type of agreement has a predefined term, after which it automatically terminates unless both parties agree to extend it. It provides flexibility for both the sales representative and the broker to reassess their relationship and renew or reevaluate their agreement based on performance and market conditions. In summary, a Wake North Carolina Real Estate Sales Representative Agreement with Broker is a vital contract that establishes the working relationship between a sales representative and a broker, outlining their respective roles, compensation, termination provisions, and confidentiality obligations. The agreement can take different forms depending on exclusivity, term duration, and other specific terms agreed upon by both parties.A Wake North Carolina Real Estate Sales Representative Agreement with Broker is a legally binding contract that outlines the terms and conditions under which a real estate sales representative is hired by a broker to represent the broker's real estate business in Wake County, North Carolina. This agreement establishes the rights, responsibilities, and expectations of both the sales representative and the broker in their professional relationship. Key Terms: 1. Roles and Responsibilities: This agreement clearly defines the roles and responsibilities of the sales representative and the broker. It outlines the duties of the sales representative, such as marketing properties, conducting negotiations, and facilitating transactions. It also outlines the broker's obligations, such as providing training, support, and leads to the sales representative. 2. Compensation: The agreement specifies the compensation structure for the sales representative, including the commission split between the sales representative and the broker. It may also include provisions for bonuses, incentives, or other forms of compensation based on performance. 3. Termination: The agreement outlines the circumstances under which either party can terminate the agreement, such as breach of contract, non-performance, or violation of real estate laws or regulations. It may also include notice periods and procedures for termination. 4. Confidentiality and Non-Disclosure: This section may include provisions that require the sales representative to maintain the confidentiality of any proprietary, confidential, or sensitive information related to the broker's business or clients, even after the termination of the agreement. 5. Independent Contractor Relationship: The agreement establishes that the sales representative is an independent contractor, not an employee of the broker. It clarifies that the sales representative is responsible for their own taxes, insurance, and business expenses. Types of Wake North Carolina Real Estate Sales Representative Agreements: 1. Exclusive Sales Representative Agreement: This agreement grants exclusive rights to the sales representative to represent the broker's real estate business within a specific area or for a specified period. In return, the sales representative is expected to dedicate their full efforts to the broker's business during the term of the agreement. 2. Non-Exclusive Sales Representative Agreement: This agreement allows the broker to engage multiple sales representatives to represent their real estate business simultaneously. The sales representative is not restricted from representing other brokers or engaging in other real estate activities alongside the broker's business. 3. Limited Term Sales Representative Agreement: This type of agreement has a predefined term, after which it automatically terminates unless both parties agree to extend it. It provides flexibility for both the sales representative and the broker to reassess their relationship and renew or reevaluate their agreement based on performance and market conditions. In summary, a Wake North Carolina Real Estate Sales Representative Agreement with Broker is a vital contract that establishes the working relationship between a sales representative and a broker, outlining their respective roles, compensation, termination provisions, and confidentiality obligations. The agreement can take different forms depending on exclusivity, term duration, and other specific terms agreed upon by both parties.
