OH 6.0 hours Valuation, Marketing, and Listings Course Syllabus
6.0 Elective Hours.
A licensee is an agent for their designated broker. As an agent, the licensee may enter into a listing agreement on behalf of the designated broker. The designated broker does not need to sign the listing agreement in most states. Generally, the licensee may also modify most of the terms of the listing agreement with the seller without the broker’s signature. However, listing cancellations, conditional release of listings and changes in the selling office commission usually require a designated broker’s signature.
So, what happens when an agent is transferring their license to another brokerage? As a real estate professional, you have worked hard and finally gotten that listing that is going to be one of the best sales of your real estate career. Then, more news that agency you have always wanted to work with has called, and they want you to come aboard. Since you have spent a lot of time on the listing and a lot of money on advertising costs, you would love to take this listing with you, but is that possible? Usually not, only with the permission of your current designated broker. If they decide to keep the listing, the brokerage may be under no obligation to reimburse you for your time or expenses. Simply, the designated brokerage owns the listing, and should the licensee leave the brokerage, the listing belongs to them.
This course provides understanding in the relationship of an affiliated licensee with the broker in a listing. It is a great refresher for the seasoned real estate professional as well as vital knowledge for the new agent.