4.0 hours Valuation, Marketing, and Listings Course Syllabus
4.0 Elective Hours
Real estate commissions are negotiated between the seller and their representative. It is perfectly acceptable for an agent to refuse to take a listing if they are not willing to work for a given dollar amount or certain percentage of the list price.
What is not acceptable is to conspire with others to fix prices, offer imbalanced commission splits and conspire to boycott another brokerage especially in reference to the prices. This is covered more in-depth in the Anti-Trust section of this course.
Some brokerages will individually, not collectively suggest that their licensees charge a specific minimum amount of commission for the listings that they take. Commissions are usually based on the selling price of a property. They are paid to the brokerage and not the licensee directly. Your independent contractor agreement signed with your brokerage will specify how your commissions are split.
In most states, the designated broker is entitled to initiate an action for payment under a listing agreement. The designated broker owns the listing and is therefore responsible for collecting the commission.
This course covers how real estate commissions are determined and calculated and describe who is entitled to initiate an action for payment of a commission.