TX 3.0 hours Agency Exposed - Course Syllabus
3.0 Elective Hours
All real estate professionals learn early in their pre-licensing education the general terms identifying the parties to a real estate transaction. The principal is the consumer-client who has sought out the assistance and professional services of the real estate professional. To review the history of agency representation, one should recall from the real estate principles course the three types of listing agreements: Open Listing, Exclusive Agency, and Exclusive Right to Sell. Open Listing awards a sales commission to the broker who has entered into the listing agreement only if that broker sells the property. Exclusive Agency awards the commission to the listing broker if any real estate broker sells the property, including cooperating brokers from other firms. The property owner reserves the right to locate a buyer and sell their property directly without owing a sales commission to the listing broker. Exclusive Right to Sell awards a commission to the listing broker regardless of who sells the property, as long as it sells within the terms and duration of the broker's listing agreement. This is the one most often used today. Completion of this course will provide the real estate professional with a greater understanding of the varying agency relationships and the representation and disclosure requirements.