Reminder:

legal/statutory duties of licensed agents and brokers and appraisers are not extinguished by private contract provisions. These duties cannot be waived.

"Reminder:

legal/statutory duties of licensed agents and brokers and appraisers are not extinguished by private contract provisions. These duties cannot be waived."

Are you high? You must be on drugs to make a statement that has no relationship to the subject at hand, or be very incompetent.

Right now, yes.

Since this is apparently such a "confusing" thread, this will be my last post.

from Rebelbroker:

"the broker can cut loose that agent and in addition, point to that clause as protection from any court action by parties that might sue that agent as a result of anything happening during that FSBO sale."

Per most IC agreements, the broker or the agent can cut loose from the IC agreement for ANY REASON, or no reason. The broker does NOT need the "no FSBO" provision to terminate the agent's contract. This is a peripheral issue.

Noooooo, the broker (may) still be held liable to third parties that have suffered damages resulting from the agent's and/or broker's actions, and may be disciplined by the State, per the broker's statutory duties. A private contract does not absolve the broker of his duty of supervision, nor make the broker "judgement proof". Most likely, a damaged third party will name the agent AND the broker in the same lawsuit.

Ok, I was damaged as a party to the agent's sale, FSBO or otherwise. Regardless, the broker's actions or lack of action contributed to my damages. The broker eagerly produces the IC agreement with "no FSBO" and/or "agent must list with me" provision, claiming he is not liable. So what? In either scenario the broker may have failed his duties in many different respects. As the damaged party, why would I care about his little agreement with his agent?


the above is not intended to be legal advice. consult an attorney concerning any potential legal dispute.

Pikes,
She may be High. She is some management(or so her profile claims, originally is said eCommerce for occupation) type that thinks she knows everything about real estate.

Wow.... just ... wow. I have to think that this much completely divergent thinking has GOT to be based in some missing communication link... somewhere. But lets not go there.

So now that we are past THAT little bit of logical meandering, can we take this thread down a different path?

What are the different ways folks have seen brokers handle agents selling their own properties?

I have heard everything from a token charge of $150 per transactions to brokers insisting on the same split arrangement they get with any transaction.

Any thoughts?

R

Rebel Broker,

Wow. Thanks for sending us down a different path. That other path scared me! (scenes of "Alice in Wonderland" playing in my head!)

I'd like to add input to your question. Let me start by saying that I am not a Broker, nor, as you can tell, have I been posting here for long. So be gentle with me

Anyway, the Brokerage I work for (yes, work for, I'm a licensed Support Staff member who is a paid employee) charges our agents a flat fee for their own personal transactions or their standard amount of commission, whichever is greater. Now, before anyone yells at me, our "standard" commission program is a 100% Commission, less a 9% Transaction fee. The flat fee amount is $275 - and is "generally" less than the 9%.

And yes, to answer your question ahead of time (I pay attention, can you tell?), our E&O policy covers agents' personal transactions.

And yes, all this is in the IC agreement.

Okay, that's my .02 cents. I'm not sure if it provides any enlightenment, but I can guarantee that I am not high!

thanks,

sunshine shanon

I have worked for brokerages where you get one purchase a year free. Another was a $275 administrative fee and another where the agent paid 1/4% of the sales price.
One company charged more if it was an investment property.

A transaction/admin fee is the only acceptible method at least in my opinion. The fee for selling your personal residence should be at a lower rate than investment properties. If your brokerage has a transaction coordinator thatyou use you should also pay that fee a well as it is not fair that the broker foot the fee for your personal transactions.

This is something that must be addressed when you join the brokerage. It may not seem important if you do not currently have properties or are not planning to sell your home in the near future. It will definately become expensive later on down the road when you suddenly learn your broker is greedy and wants a full commission split.

ericka

Thank goodness that is your last post, and a good thing you use the disclaimer not intended to be legal advice. I passed the California Bar Exam but chose not to practice, but I'm sure I could make a good living just suing people you gave advice to.

As a real estate investor for 52 years and a California Real Estate Broker for 42 years I advise the others on this board not to take any opinions you offer as something to be digested and used.

Man, just came across this thread. You know, this Ericka person is a piece of work. But I had noticed that a while ago from some of her other posts. Really wants to be seen as a know it all...or near know it all. All the while not addressing the fact that a broker can have a policy that says if you sale your primary residence you will give the broker 100% of the commision and if the agent doesnt like it they can hit the road. That is the chief situation at hand without all of the talk about law and Ic and pink elephants. You know she will be reading this thread and trying hard not to reply again. Hello ericka! The broker sets the policy and there are plenty of brokers that dont offer 90% splits to the agent on primary residences.

SailorKev,
How did this end up working out for you and this agent?

Well we got the inhouse listing allright. Its a total PITA. This guy hasnt quite moved, so isnt even paying his MLS stuff yet. So, I get swamped with the work of being the "lister". Every time there is a status change of any type, I have to refax the information to the reciprical MLS. He and his wife seem to want to change something every three days. His pushy wife only gave us a 30 day listing of which we are now on the 2nd 30 day renewal. She let something slip out saying Oh we are doing it this way in case we need to go to a Bigger company with a big advertising budget to get it sold.

Im thinking golly gee I better not blow any money putting this in Chicago Tribune. I non chalantly told his wife, Oh I see your point and perhaps that company might want to hold your license as well. We are busting our butts to get this sold and cant quite predict what these people are thinking.

This person isnt going to last and not only is a deadweight, he actually succeeds in making everyone associated with my company look like it run but idiots.

Get into commercial,you don't have to put up with crap like this.