Real Estate Brokerage

1
Real Estate Brokerage

• Jim Burton, PH.D.
• Marketing Real Estate Department
• College of Business

2
Overview

• Real Estate Sales Process
• Brokers Salespersons
• Broker-Client Relationships
• Types of Listings
• Buyers Agency
• Brokers Duties
• Types of Brokerage Firms

3
Real Estate Sales Process

• Get Listings
• Advertising Marketing
• Qualifying the Buyer
• Sales Presentation
• Negotiating
• Contract Check
• Closing

4
Brokers Salespersons

• Broker - employs salesperson
• Salesperson - cannot act on her own
• State Licensing
• Realtor Code of Ethics p. 462.
• Be honest avoid misrepresentation

5
Broker-Client Relations

• Broker - agent
• Client - principal
• Fiduciary
• Listing Broker
• Selling Broker
• Dual Agency
• Buyers Agent

6
Types of Listings

• Exclusive Right to Sell
• Exclusive Agency
• Open Listing
• Net Listing
• Multiple Listing Service
• Sales Commission
• Willing Buyer
• Sells the Property

7
Brokers Duties

• Fiduciary
• Trust Communication
• Avoid Misrepresentation
• Honor Fair Housing Laws
• Avoid Steering Blockbusting
• Disclose Agency Reps

8
Broker Termination

• Sale Closes
• Listing Expires
• Parties Agree to End
• One Party Breaches
• One Party is Legally Incapacitated
• Property Improvements Destroyed
• Condemnation

9
Types of Real Estate Brokerage Firms

• Mom Pop
• Franchises
• Desk Fee
• National Firms
• Multiple Listing Services
• Commission Calculations

10
Commissions

• of Price
• Net to Seller
• Math Problems examples.

11
GA State Licensing

• Sales person - 18 years old, Ga. resident, high
  school graduate, 75 hours in class, pass R.E.
  exam.
  
• Broker - 21 years old, Ga. Resident, high school
  graduate, active for 3 years, 60 hours in-class
  in some brokers course, pass R.E. estate exam.

12
Realtors Code of Ethics

• Honesty in advertising
• No misrepresentation
• Handle money as fiduciary
• Full disclosure
• Treat others fairly
• Accountability
• Loyalty
• Fair representation
• Honesty