Fiduciary duty - Undivided loyalty - Amendments

Over the years, Standard Forms have been known to have undergone a series of changes to protect both the agent and the consumer, and with limited services contracts coming into being, gives raise the following questions:

1. Is there a legal reason why
The authority in a Listing Agreement and a Buyer’s Representation Agreement could not be combined into one single form, since a number of Seller’s will probably purchase another property through their Listing Agent?

2. Is there a legal reason why
In a MLS Listing – a selling broker could not be compensated directly from the balance of funds due on closing?

3. Is there a legal reason why
The seller should be prevented from listing their property and specifically stating the amount of compensation that they will pay to the listing broker and the amount they will pay to the selling broker on completion? i.e. 2.5% to the Listing Broker and 2.5% to the Selling Broker out of the balance of funds due on closing.

4. Is there a legal reason why
In the age of limited representation, a general retainer agreement could not be developed with the specific and/or limited service required to be provided by the brokerage firm be added as an Addendum?

Kindly submit your views and comments.

I think your answer is... it depends

For #1, In my current state of residence, the agency relationship goes with the property, so a seller that goes on to buy would still be dealing with two properties and so needs two contracts. In the last state the relationship went with the principle, so you could end up in a dual representation situation when you only actually only represented one side.

#2 In some states or associations the selling agent is compensated through the Listing agent, not the seller. The idea was that the co-op was suggested in the listing contract, but the compensation was to the listing broker only. Pay the selling agent through the closing, and the seller may still be liable to the listing broker.

#3 Answer is the same as #2

#4 Clarify which contract would you ad the addendum to? I have worked with listing contracts that had retainer agreements already built-in.

I have to admit it would be easier if the legal side followed what we do in the business more congruently.

"I work for you, by signing this one form you are agreeing to listing your home with me, and to working with me to purchase your next one, I am YOUR agent" instead of "sign these two contracts and the 14 addendum s, that cover absolutely every possible situation that could come up, and then as long as the wind is not coming from the west I MIGHT be your agent"

if you change a lock and find personal property afterwards,what do you do with the old lock you just changed?

When are you changing this lock...before closing, after closing, or when the owners are on vacation?

"If you change a lock and find personal property afterwards,what do you do with the old lock you just changed?"

Did you not do a walk through right before closing??

In Georgia with our personal property laws if there is less than 500 worth of personal property you do not have to go through eviction proceedings to get rid of it.

All depends on the circumstances of your transaction. No legal advice.

this was a question on a quiz for reo inspections and securing i found the answer, it said if possible put the original lock back on thank you.

"1. Is there a legal reason why
The authority in a Listing Agreement and a Buyer’s Representation Agreement could not be combined into one single form, since a number of Seller’s will probably purchase another property through their Listing Agent?"

No legal reason, however, buyer and seller have different obligations to broker. Combining the forms will make them quite long (today 7+6 pages), there are duplications that will reduce the number of pages, but will still confuse the consumer more than necessary.