See how simple and straight forward Transaction Brokerage is understood and used by real estate professionals--with the misleading uncertainty of an agency relationship when not needed
2017 AICM Credit Symposium - Australian Institute of Credit ManagementMark Harley
Unfair Contract Terms – generally and amendments for B2B protection (with some exceptions)
Insolvency Law Reform Amendments – amendment to the definition of “relation-back day” for purpose of the Corporations Act
Dealing with Trust Assets of Corporate Trustees in Liquidation
FAQs Avoiding BVI law and Cayman Islands law pitfalls in banking & finance an...Loeb Smith Attorneys
Avoiding BVI law and Cayman Islands law pitfalls in banking & finance and corporate transactions
There are certain notorious pitfalls to avoid in the context of British Virgin Islands (“BVI”) and Cayman Islands banking & finance and corporate transactions. In this article, we examine five such pitfalls. While there are no “one size fits all” solutions to these issues, we set out some practical considerations, solutions and risk mitigation tools (as appropriate) with respect to them.
In this part I we briefly examine the backdating of documents.
Be sure to follow #LoebSmithAttorneys for legal news, information and insights from the #BVI and #CaymanIslands
Lou Tulga provides information about New Mexico Real Estate Brokerage Relationships based on New Mexico Real Estate License Law and the Rules of the New Mexico Real Estate Commission.
The document summarizes Chicago landlord/tenant law and the Chicago Residential Landlord Tenant Ordinance (CRLTO). It outlines that the CRLTO establishes tenant rights and protects tenants. It notes that landlords often get in trouble related to security deposits, by commingling funds or not providing proper receipts, and for lease issues like failing to attach the required summary of the CRLTO. The document provides an overview of the eviction process in Chicago and general advice for landlords, such as following the CRLTO and not waiting too long to begin an eviction.
The Future of Med-Arb Clauses in SingaporeAbraham Vergis
The document discusses a recent Singapore court case that examined the validity and operability of mediation-arbitration (med-arb) clauses. The court considered whether such clauses constituted a single dispute resolution process or separate mediation and arbitration components. It found that the mediation and arbitration proceedings referenced in the clause in question were "closely intertwined" and should be interpreted as a singular mechanism culminating in arbitration. The court also determined that one party's failure to participate in the prescribed med-arb procedure amounted to a repudiatory breach of the alternative dispute resolution agreement, allowing the other party to commence legal proceedings. The increased certainty provided by this ruling allows parties to foresee the consequences of non-compliance with alternative dispute resolution
STATE REGULATION CHANGES THE GAME FOR BITCOIN SELLERS IN NEW HAMPSHIRESteven Rhyner
If you sell or trade bitcoins in the state of New Hampshire, you’ve probably heard the big news: as of January 1st, 2016, bitcoin sellers are considered money transmitters under New Hampshire law, and must be licensed and bonded as such.
2017 AICM Credit Symposium - Australian Institute of Credit ManagementMark Harley
Unfair Contract Terms – generally and amendments for B2B protection (with some exceptions)
Insolvency Law Reform Amendments – amendment to the definition of “relation-back day” for purpose of the Corporations Act
Dealing with Trust Assets of Corporate Trustees in Liquidation
FAQs Avoiding BVI law and Cayman Islands law pitfalls in banking & finance an...Loeb Smith Attorneys
Avoiding BVI law and Cayman Islands law pitfalls in banking & finance and corporate transactions
There are certain notorious pitfalls to avoid in the context of British Virgin Islands (“BVI”) and Cayman Islands banking & finance and corporate transactions. In this article, we examine five such pitfalls. While there are no “one size fits all” solutions to these issues, we set out some practical considerations, solutions and risk mitigation tools (as appropriate) with respect to them.
In this part I we briefly examine the backdating of documents.
Be sure to follow #LoebSmithAttorneys for legal news, information and insights from the #BVI and #CaymanIslands
Lou Tulga provides information about New Mexico Real Estate Brokerage Relationships based on New Mexico Real Estate License Law and the Rules of the New Mexico Real Estate Commission.
The document summarizes Chicago landlord/tenant law and the Chicago Residential Landlord Tenant Ordinance (CRLTO). It outlines that the CRLTO establishes tenant rights and protects tenants. It notes that landlords often get in trouble related to security deposits, by commingling funds or not providing proper receipts, and for lease issues like failing to attach the required summary of the CRLTO. The document provides an overview of the eviction process in Chicago and general advice for landlords, such as following the CRLTO and not waiting too long to begin an eviction.
The Future of Med-Arb Clauses in SingaporeAbraham Vergis
The document discusses a recent Singapore court case that examined the validity and operability of mediation-arbitration (med-arb) clauses. The court considered whether such clauses constituted a single dispute resolution process or separate mediation and arbitration components. It found that the mediation and arbitration proceedings referenced in the clause in question were "closely intertwined" and should be interpreted as a singular mechanism culminating in arbitration. The court also determined that one party's failure to participate in the prescribed med-arb procedure amounted to a repudiatory breach of the alternative dispute resolution agreement, allowing the other party to commence legal proceedings. The increased certainty provided by this ruling allows parties to foresee the consequences of non-compliance with alternative dispute resolution
STATE REGULATION CHANGES THE GAME FOR BITCOIN SELLERS IN NEW HAMPSHIRESteven Rhyner
If you sell or trade bitcoins in the state of New Hampshire, you’ve probably heard the big news: as of January 1st, 2016, bitcoin sellers are considered money transmitters under New Hampshire law, and must be licensed and bonded as such.
A surety bond is a three-party agreement between a contractor, an owner, and a surety company to ensure the contractor fulfills the terms of a construction contract. The surety company prequalifies contractors and guarantees their performance, while contractors must reimburse any losses incurred by the surety. If a contractor defaults, the surety investigates and may complete the project, arrange for a replacement, or pay the bond amount. Subcontractors benefit from payment bonds which allow direct claims against the surety if the contractor does not pay.
The document summarizes recommendations from a report by the American Bankruptcy Institute (ABI) commission on reforms to U.S. bankruptcy law. The ABI commission studied issues that were not contemplated in the 1978 Bankruptcy Code and proposed several changes. These include: slightly slowing the increasing speed of bankruptcy sales, restricting the use of "milestones" that require a sale within 60 days; trimming back the protections of "safe harbors" for securities transactions; and giving more protections to unions and trademark license holders in business sales.
This document provides an overview of the services provided by the Business, Financial Services & Real Estate Division of the law firm Quintairos, Prieto, Wood & Boyer, P.A. It discusses the division's minority certification, association memberships, and practice areas including default legal services, foreclosures, bankruptcy, real estate owned disposition, evictions, and appellate practice. The document also lists recent attorney publications and office locations serviced by the division.
This document discusses options for homeowners struggling with their mortgages, including short sales and loan modifications. A short sale allows a home to be sold for less than what is owed on the mortgage. Loan modifications can reduce interest rates, payment amounts, or extend loan terms to make mortgages more affordable. The document provides checklists of required documentation for short sales and modifications and explains how forensic loan audits can help identify issues making homeowners eligible for more favorable terms.
The document discusses recent changes to rent regulation laws in New York City that favor tenants over landlords. It summarizes that the mayor has appointed more tenant advocates to the rent guidelines board, proposed rent freezes, and implemented 27 amendments strengthening tenant protections. This has landlords concerned about the impact on the real estate market. The document then discusses strategies one property management company, R.E.M. Residential, uses to support landlords by bringing them together to gain negotiating power and address issues collectively.
The document discusses regulations in Arizona regarding short sale negotiators and real estate agents assisting with short sales. It summarizes that real estate agents can assist sellers with negotiating short sales as part of their license, but additional licensing is required if receiving extra compensation or directly negotiating with lenders. Third party negotiators and those operating under an LLC would require separate licensing. The federal MARS rule also applies and prohibits upfront fees. Remaining issues around the definition of "assist" are unclear.
This document provides an overview of competition litigation in various jurisdictions around the world. It contains general chapters on topics related to private antitrust enforcement and damages actions. It also contains country-specific question and answer chapters on 35 different countries/regions and their competition laws and private litigation procedures. The document was published by Global Legal Group to provide a practical guide on cross-border competition litigation issues. It contains contributions from various law firms and is intended to indicate key legal issues without providing full legal advice.
The document discusses electronic contracts, including online contracts formed through click wrap and shrink wrap agreements. It defines electronic contracts as agreements formed through the internet using websites or email to establish offer and acceptance. While electronic contracts are similar to traditional contracts, the concepts of offer and acceptance must be adapted to the online context. It also discusses key issues like intention to contract, consideration, and remedies for breach. Specific types of electronic contracts like click wrap and shrink wrap agreements are examined in more detail.
This document provides an overview of managing a real estate office. It discusses defining management and the management process. It covers transitioning into management, recognizing management characteristics, identifying resources, designing accounting systems, understanding staff, marketing reports, and building a management plan. The document then discusses various responsibilities of management like planning, organizing people, managing time, staffing, goal setting, training, collecting data, and making decisions based on data. The overall message is that good management requires skills, desire, resources, goals, accounting systems, marketing reports, and understanding people to manage for profit.
This document summarizes a webinar hosted by U.S. Customs and Border Protection (CBP) discussing regulatory alternatives for modifying customs broker regulations. It outlines CBP's vision for brokers in the 21st century and the need to conduct regulatory and economic analysis for any changes to regulations. It presents preliminary alternatives for modifying regulations around broker bona fides, permitting, and continuing education requirements. Attendees are encouraged to provide input to assist CBP's economic analysis and help shape the regulatory alternatives. The webinar schedule and contact information for questions is also provided.
The document discusses the role of brokers in the iron ore physical and paper markets. It describes how brokers act as independent facilitators between buyers and sellers, helping to find competitive prices, qualify counterparties, and increase market liquidity. Brokers provide services for both physical iron ore trades as well as paper market instruments like swaps, futures, and options. They require extensive market knowledge and global networks to disseminate pricing and other critical information.
UML Diagrams for Real estate management systemStarlee Lathong
The Real Estate Management System allows real estate professionals to easily keep track of leads, manage listings, and market to prospects. It allows users to search for required properties, matches them to user requirements, and generates property and vendor details. The system was designed using Visual Paradigm and uses ASP.net for the front end, MS Access as the backend, and can run on Windows XP/7/8 operating systems. UML diagrams including use case, class, activity, state, sequence, collaboration, component, and deployment diagrams were created for the system.
A Property Management System (PMS) manages various tasks in a hotel like check-ins, reservations, housekeeping, and accounting. PMS software is selected based on a hotel's needs analysis and can operate on different hardware platforms. When choosing a PMS, hotels must consider the software's functionality, the hardware requirements, and how PMS workstations will be placed and aesthetically impact the hotel. An effective PMS allows real-time communication between different departments to maximize efficiency and revenue.
The document is a project report on developing an E-Property system for Mascot Software Services Pvt Ltd. It includes an introduction to the company, description of the existing manual property registration system and need for a new system. It also describes the scope, hardware requirements, software requirements and technologies used like ASP.NET, C# and SQL Server for developing the proposed online E-Property system.
Project report on ONLINE REAL ESTATE BUSINESSDivyesh Shah
A project report on 'online real estate' will help you to understand the modeling diagrams for this project and all type of information related to this project
The document discusses Adobe Flex 4.6 and its capabilities for mobile application development. It outlines how Flex allows developing once for multiple mobile platforms like Android, iOS, and others. It highlights features like automatic scaling of user interface elements for different device densities. The document also discusses Adobe's continued support for Flex through contributions to the Apache Flex project.
Open Source software development starts with the code. But if you want a sustainable project, you need people too. This is a meditation on the idea of making friendship the core of your community's values.
PowerPoint is gebruikt als presentatie voor de workshop Sociale Netwerken voor de Young Business Professionals. Een levendige workshop waar ik weer veel energie uitgehaald heb.
A surety bond is a three-party agreement between a contractor, an owner, and a surety company to ensure the contractor fulfills the terms of a construction contract. The surety company prequalifies contractors and guarantees their performance, while contractors must reimburse any losses incurred by the surety. If a contractor defaults, the surety investigates and may complete the project, arrange for a replacement, or pay the bond amount. Subcontractors benefit from payment bonds which allow direct claims against the surety if the contractor does not pay.
The document summarizes recommendations from a report by the American Bankruptcy Institute (ABI) commission on reforms to U.S. bankruptcy law. The ABI commission studied issues that were not contemplated in the 1978 Bankruptcy Code and proposed several changes. These include: slightly slowing the increasing speed of bankruptcy sales, restricting the use of "milestones" that require a sale within 60 days; trimming back the protections of "safe harbors" for securities transactions; and giving more protections to unions and trademark license holders in business sales.
This document provides an overview of the services provided by the Business, Financial Services & Real Estate Division of the law firm Quintairos, Prieto, Wood & Boyer, P.A. It discusses the division's minority certification, association memberships, and practice areas including default legal services, foreclosures, bankruptcy, real estate owned disposition, evictions, and appellate practice. The document also lists recent attorney publications and office locations serviced by the division.
This document discusses options for homeowners struggling with their mortgages, including short sales and loan modifications. A short sale allows a home to be sold for less than what is owed on the mortgage. Loan modifications can reduce interest rates, payment amounts, or extend loan terms to make mortgages more affordable. The document provides checklists of required documentation for short sales and modifications and explains how forensic loan audits can help identify issues making homeowners eligible for more favorable terms.
The document discusses recent changes to rent regulation laws in New York City that favor tenants over landlords. It summarizes that the mayor has appointed more tenant advocates to the rent guidelines board, proposed rent freezes, and implemented 27 amendments strengthening tenant protections. This has landlords concerned about the impact on the real estate market. The document then discusses strategies one property management company, R.E.M. Residential, uses to support landlords by bringing them together to gain negotiating power and address issues collectively.
The document discusses regulations in Arizona regarding short sale negotiators and real estate agents assisting with short sales. It summarizes that real estate agents can assist sellers with negotiating short sales as part of their license, but additional licensing is required if receiving extra compensation or directly negotiating with lenders. Third party negotiators and those operating under an LLC would require separate licensing. The federal MARS rule also applies and prohibits upfront fees. Remaining issues around the definition of "assist" are unclear.
This document provides an overview of competition litigation in various jurisdictions around the world. It contains general chapters on topics related to private antitrust enforcement and damages actions. It also contains country-specific question and answer chapters on 35 different countries/regions and their competition laws and private litigation procedures. The document was published by Global Legal Group to provide a practical guide on cross-border competition litigation issues. It contains contributions from various law firms and is intended to indicate key legal issues without providing full legal advice.
The document discusses electronic contracts, including online contracts formed through click wrap and shrink wrap agreements. It defines electronic contracts as agreements formed through the internet using websites or email to establish offer and acceptance. While electronic contracts are similar to traditional contracts, the concepts of offer and acceptance must be adapted to the online context. It also discusses key issues like intention to contract, consideration, and remedies for breach. Specific types of electronic contracts like click wrap and shrink wrap agreements are examined in more detail.
This document provides an overview of managing a real estate office. It discusses defining management and the management process. It covers transitioning into management, recognizing management characteristics, identifying resources, designing accounting systems, understanding staff, marketing reports, and building a management plan. The document then discusses various responsibilities of management like planning, organizing people, managing time, staffing, goal setting, training, collecting data, and making decisions based on data. The overall message is that good management requires skills, desire, resources, goals, accounting systems, marketing reports, and understanding people to manage for profit.
This document summarizes a webinar hosted by U.S. Customs and Border Protection (CBP) discussing regulatory alternatives for modifying customs broker regulations. It outlines CBP's vision for brokers in the 21st century and the need to conduct regulatory and economic analysis for any changes to regulations. It presents preliminary alternatives for modifying regulations around broker bona fides, permitting, and continuing education requirements. Attendees are encouraged to provide input to assist CBP's economic analysis and help shape the regulatory alternatives. The webinar schedule and contact information for questions is also provided.
The document discusses the role of brokers in the iron ore physical and paper markets. It describes how brokers act as independent facilitators between buyers and sellers, helping to find competitive prices, qualify counterparties, and increase market liquidity. Brokers provide services for both physical iron ore trades as well as paper market instruments like swaps, futures, and options. They require extensive market knowledge and global networks to disseminate pricing and other critical information.
UML Diagrams for Real estate management systemStarlee Lathong
The Real Estate Management System allows real estate professionals to easily keep track of leads, manage listings, and market to prospects. It allows users to search for required properties, matches them to user requirements, and generates property and vendor details. The system was designed using Visual Paradigm and uses ASP.net for the front end, MS Access as the backend, and can run on Windows XP/7/8 operating systems. UML diagrams including use case, class, activity, state, sequence, collaboration, component, and deployment diagrams were created for the system.
A Property Management System (PMS) manages various tasks in a hotel like check-ins, reservations, housekeeping, and accounting. PMS software is selected based on a hotel's needs analysis and can operate on different hardware platforms. When choosing a PMS, hotels must consider the software's functionality, the hardware requirements, and how PMS workstations will be placed and aesthetically impact the hotel. An effective PMS allows real-time communication between different departments to maximize efficiency and revenue.
The document is a project report on developing an E-Property system for Mascot Software Services Pvt Ltd. It includes an introduction to the company, description of the existing manual property registration system and need for a new system. It also describes the scope, hardware requirements, software requirements and technologies used like ASP.NET, C# and SQL Server for developing the proposed online E-Property system.
Project report on ONLINE REAL ESTATE BUSINESSDivyesh Shah
A project report on 'online real estate' will help you to understand the modeling diagrams for this project and all type of information related to this project
The document discusses Adobe Flex 4.6 and its capabilities for mobile application development. It outlines how Flex allows developing once for multiple mobile platforms like Android, iOS, and others. It highlights features like automatic scaling of user interface elements for different device densities. The document also discusses Adobe's continued support for Flex through contributions to the Apache Flex project.
Open Source software development starts with the code. But if you want a sustainable project, you need people too. This is a meditation on the idea of making friendship the core of your community's values.
PowerPoint is gebruikt als presentatie voor de workshop Sociale Netwerken voor de Young Business Professionals. Een levendige workshop waar ik weer veel energie uitgehaald heb.
This document discusses units of data and clock speed measurement. It provides examples of kilobytes, megabytes, gigabytes and terabytes as units of data measurement. For clock speed, it discusses hertz, megahertz and gigahertz. It also lists keyboards, stylus, microphones and digital cameras as examples of different types of input devices and printers and speakers as examples of peripheral devices that expand a computer's functionality.
Dubai experienced rapid growth from 1990 to 2007 fueled by rising oil prices, which led to extensive real estate development projects including artificial islands, the world's tallest and most luxurious buildings, and plans to build resort cities in the desert. However, the global financial crisis that began in 2007 has called into question where the massive amounts of money funding these projects originated.
This document discusses transaction brokerage and agency relationships in real estate. It begins with background on how brokerage relationships have evolved from caveat emptor to offering choices. It then covers key questions about agency and transaction brokerage. Finally, it discusses how different states handle agency, either making it automatic or allowing it only by written agreement. The overall message is that brokerage relationships can be simplified to two roles - exclusive service or impartial service - and two relationship types - transaction broker or agent.
This document discusses transaction brokerage and agency relationships in real estate. It begins with background on how brokerage relationships have evolved from caveat emptor to requirements for consumer protection. It then discusses key questions about what agency and transaction brokerage entail and the different types of brokerage relationships like exclusive agency and facilitation. The document also covers how different states approach agency, whether it is assumed or must be chosen, and the duties involved in various brokerage relationships.
The document discusses New Mexico real estate brokerage relationships and options. It defines key terms like agency, transaction brokerage, client, and customer. The document also outlines New Mexico real estate license law and rules established by the New Mexico Real Estate Commission regarding broker duties and relationships. It introduces "Lou's Wheel" as a tool for consumers to make choices about real estate services.
This document summarizes key points from a presentation on wedding laws and business entities:
1. It discusses choosing the proper business entity to limit legal and tax liability, such as corporations and LLCs.
2. It covers basic contract law concepts like representations, warranties, force majeure, and when to involve an attorney in reviewing contracts.
3. Examples are given of wedding professionals who have been sued, such as a caterer who failed to provide adequate food and a florist who provided the wrong colored flowers.
EU Duty Alert - Union Customs Code – Royalties and Customs dutyAlex Baulf
If a royalty payment is not dutiable under the current customs legislation, it will not be dutiable under the Union Customs Code (UCC).
Whilst the wording has changed in the text in relation to royalties, the substance remains the same, with royalties still needing to be related to the goods being valued, and the payment of that royalty must be a condition of sale.
If these criteria are not fulfilled, then, as now, the royalty cannot be dutiable.
The document discusses subcontract agreements between federal contractors. It describes how non-disclosure agreements and teaming agreements relate to and often precede subcontract agreements. Key issues addressed in subcontract agreements include allocating responsibilities, payment terms, proprietary information, termination, and dispute resolution. The law firm McMahon, Welch and Learned represents various federal contractors and advises on negotiating and drafting effective subcontract agreements.
This document provides an overview of doing business in Vietnam. It discusses how to access the Vietnamese market through establishing a corporate entity or partnership. It also covers understanding state-owned enterprises like PVN, dealing with corruption, intellectual property issues, and competition law compliance. The document recommends foreign companies partner with well-connected local firms, take advantage of trade agreements, and pressure Vietnam to improve transparency in government procurement to help mitigate challenges in the market.
This document provides an overview of doing business in Vietnam. It discusses how to access the Vietnamese market through establishing a corporate entity or partnership. It also covers understanding state-owned enterprises like PVN, dealing with corruption, intellectual property issues, and competition law compliance. The document recommends foreign companies partner with well-connected local firms, take advantage of trade agreements, and pressure Vietnam to improve transparency in government procurement to help level the playing field.
Barbara Corcoran's Keynote Address at Inman Connect Spotlights this Sales Mee...Tom Blefko
Sales meeting about NAR's Code of Ethics, the new mortgage disclosures coming in August, and the keynote address from Inman Connect featuring Barbara Corcoran.
15 October 2009 Automotive Accountants' ForumColledges
Our last meeting for 2009 held in October discussed GST Son of Holdback, Investment Allowance and an update on the National Consumer Credit Protection Bill. Many other topics were brought forward on the day for discussion by the members.
Lawyer in Vietnam Oliver Massmann New Decree on Public - Private PartnershipDr. Oliver Massmann
This document contains a presentation by Oliver Massmann from Duane Morris Vietnam LLC given on January 4, 2017 in Hanoi about the new decree on public-private partnerships (PPP) in Vietnam. The presentation covers the general introduction of the new decree, positive changes introduced by the decree including broader application to new sectors, additional contract forms, changes to private capital requirements and government contributions, and selection of investors. It also discusses specific issues still needing clarification such as foreign currency convertibility, land use rights, and negotiation timeframes.
"Consumer Arbitration: A Report From The Future" a keynote address by George Friedman - member, Board of Directors, Arbitration Resolution Services. Presented June 2013. For more information, visit https://arbresolutions.com or Follow us on Twitter @ARS_ARBS.
This guide is intended to provide a concise summary of the TCPA statute and related regulations, and explain the new rules and their known impacts on enterprises (the organizations making the outbound contact) and recipients (people on the receiving end of the interactions). A lack of clarity in the regulations has driven organizations with the financial means to hire legal firms to assist them in interpreting the rules. Companies without the financial resources for legal counsel are looking for guidance. No one knows whether their interpretation is correct, and the case law, which is addressed in Section 2.1 of this Guide, further confounds the market, as each case seems to involve a different facet of the regulations and how they are applied.
This document is a legal guide for doing business in Colombia that was prepared in March 2019. It provides an introduction to Colombia's economy and legal system. The guide is divided into 12 chapters that cover various legal topics relevant to foreign investment and business operations in Colombia, such as foreign investment protection, tax regulations, intellectual property laws, and government procurement. However, the guide notes that it is for informational purposes only and does not constitute legal advice. It advises readers to consult their own legal counsel regarding investment in Colombia.
The Intersection of IP & Bankruptcy (Series: Chapter 11 Potpourri)Financial Poise
Intellectual property generally includes patent rights, copyright rights, trademark and servicemark rights, and trade secrets. The foundation of intellectual property law is the protection of exclusive rights afforded to original works and invention. These rights can be significantly impacted by bankruptcy proceedings. This webinar examines some of these key issues including the perfection of security interests in intellectual property, the protection of certain intellectual property licenses and lack of protection for other types of intellectual property, the relief available to licensors, as well as special issues regarding assignment of licenses in bankruptcy proceedings.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/the-intersection-of-ip-bankruptcy-2021/
Eddie Goldsmith - Moving With the Times 2011Lawyer Checker
The document discusses the industrialization of the legal profession, specifically in conveyancing. It notes that conveyancing makes up around £1-1.5 billion per year in the UK but is concentrated among a small number of large firms. Technological changes and the recession have created pressures in the industry. Lenders are reducing the number of solicitors they work with and increasing oversight. The document considers various options for solicitors' firms going forward, including specializing in conveyancing, embracing new technology, and inventing new business models for the future.
Similar to Brokerage Relationships in New Mexico Real Estate (20)
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
Stark Builders: Where Quality Meets Craftsmanship!shuilykhatunnil
At Stark Builders our vision is to redefine the renovation experience by combining both stunning design and high quality construction skills. We believe that by delivering both these key aspects together we are able to achieve incredible results for our clients and ensure every project reflects their vision and enhances their lifestyle.
Although we are not all related by blood we have created a team of highly professional and hardworking individuals who share the common goal of delivering beautiful and functional renovated spaces. Our tight nit team are able to work together in a way where we pour our passion into each and every project as we have a love for what we do. Building is our life.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
Dholera Smart City Latest Development Status 2024.pdfShivgan Infratech
Explore the latest development status of Dholera Smart City in 2024. Discover the progress, infrastructure, and future plans of India's first greenfield smart city.
4. 12/16/2015 Copyright (c) 2011 Lou Tulga CCIM CRB All
Rights Reserved
4
The “Golden Age of Agency” Myth
Prior to the late 1980s--Brokers did not know
agency as a legal term or of its legal
consequence –and when told were in disbelief!
Brokers never heard of “OLDCAR” and Forms
did not use the word “agency” until the early
1990s
Brokers happily practiced “undisclosed dual
agency”
5. 12/16/2015 Copyright (c) 2011 Lou Tulga CCIM CRB All
Rights Reserved
5
Background of Brokerage Choice
Caveat emptor
Seller Agency
Notion of “Fairness to All Parties”
Emergence of Public Policy Requirements
Emergence of Consumer TORT Cases
Common Law of Agency Applied to Real
Estate Practice at MLS Level
Emergence of Consumer AGENCY Cases
6. 12/16/2015 Copyright (c) 2011 Lou Tulga CCIM CRB All
Rights Reserved
6
Common Misconceptions
That Transaction Broker is really
“Transactional Broker”
Transaction Brokers are really ONLY
Intermediaries
Finders
Facilitators
7. 12/16/2015 Copyright (c) 2011 Lou Tulga CCIM CRB All
Rights Reserved
7
Don’t Be Careless—with “Agent”
National Association of Realtors® is to blame—
they tend to think everyone is an agent
Slogan: “Not all Agents are Realtors®”
NMREC Website: “Our function is to license real
estate sales agents and brokers, and enforce
the New Mexico Real Estate License Law and
Commission Rules and Regulations. ”
8. 12/16/2015 Copyright (c) 2011 Lou Tulga CCIM CRB All
Rights Reserved
8
Key Questions
What Does Agency Look Like?
How Does Transaction Brokerage Look
Different?
Why Would Anyone Demand Agency?
Why Would Anyone Refuse Agency?
Why Would a Client Accept Facilitation?
How Are Conflicts of Interest Handled?
9. 12/16/2015 Copyright (c) 2011 Lou Tulga CCIM CRB All
Rights Reserved
9
Real Estate Commission Agency
Disclosures Required
First NMREC Disclosure Requirements—1992
Subagency
Single Agency
Changes of Requirements over Time
“First Substantive Contact”
“Licensee Duties”
“Agency solely by Written Agency
Agreement
“Broker Duties”
“Transaction Broker Terminology
10. 12/16/2015 Copyright (c) 2011 Lou Tulga CCIM CRB All
Rights Reserved
10
Real Estate Commission Agency
Terminology/Requirements
First NMREC Disclosure Requirements—1992
Subagency, Buyer’s Agency, Dual Agency, Licensee
Licensee Duties
First Substantive Contact
Changes of Requirements over Time
“Licensee Duties”—”Broker Duties”
“Common Law of Agency Abrogated”
“Transaction Broker Terminology”
11. 12/16/2015 Copyright (c) 2011 Lou Tulga CCIM CRB All
Rights Reserved
11
A Billion Dollar Question
1,000,000 Real Estate Licensees
X
$100.OO per year Spent in “Agency Education”= 1
Hundred Million
X
20 Years = 20 Hundred Million Dollars Seeking to
Understand all of This
Equals = $2,000,000,000 Spent on the “Fix”
12. 12/16/2015 Copyright (c) 2011 Lou Tulga CCIM CRB All
Rights Reserved
12
Ockham’s Razor
“pluralitas non est ponenda sine necessitate”
(“Don’t make matters more complicated than is
necessary”)
15. 12/16/2015 Copyright (c) 2011 Lou Tulga CCIM CRB All
Rights Reserved
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New Mexico Real Estate License
Law 61-29-10.1
A. Agency solely by written express agency
agreement—no type assumed, created orally or by
implication
B. Brokerage may have written agreements without
creating an agency relationship—and no agency duties
will be imposed
C. Brokerage may provide real estate services without a
written agreement—and no agency duties will be
imposed
16. NMREC Rules Definitions
A. Agency: the fiduciary relationship created
solely by the express written agency agreement
between a person and a brokerage, authorizing
the brokerage to act as agent for the person
according to the scope of authority granted in
that express written agreement for real estate
services subject to the jurisdiction of the
commission.
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17. NMREC Rules Definitions
B. Agent: the brokerage authorized to act as a
fiduciary for a person and to provide real estate
services solely by means of an express written
agreement.
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18. NMREC Rules Definition
TT. Transaction Broker: the non-fiduciary
relationship created by 61-29-2 A 14
NMSA 1978, wherein a broker or
brokerage provides real estate services
without entering into an agency
relationship.
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Service Standards: Broker Duties
1. Honesty & reasonable care
2. Performance of any and all oral or written agreements
3. Providing understood assistance unless excluded by written service
agreement with client/customer and disclosed in writing to any
cooperating brokers
4. Acknowledgement of areas outside licensee’s expertise
5. Prompt accounting of monies or property
6. Timely provision of written Basic Licensee Duties
7. Timely disclosure in writing of conflicts of interest of any kind
8. Timely disclosure of actually known adverse material facts about the
property or transaction to all parties
9. Maintaining of confidential information from previous agency
relationship
10.Unless authorized in writing maintaining of confidential information
from one’s current client/customer except when disclosure is
required by law
(NMREC Part #19)
20. Transaction Brokerage Obligations
NMREC Broker Duties
Contract Performance
Subject to Breach of Contract
Subject to TORT Violations
Subject to Requirements of “Professional Duty”
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21. Agency Relationship Obligations
NMREC Broker Duties
Contract Performance
Subject to Breach of Contract
Subject to TORT Violations
Subject to Requirements of “Professional Duty”
Subject to Breach of “Fiduciary Duty” within
Scope of Authority—subject to interpretation!
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22. Agency and the National Association of
Realtors® Code of Ethics
Article 1: “…When representing a buyer,
seller, landlord, tenant, or other client as
an agent, REALTORS® pledge themselves
to protect and promote the interests of
their client. This obligation to the client is
primary…”
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23. How Can this Be Interpreted when a
Client is Unhappy?
1.
2.
3.
4.
5.
6.
7.
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Summary
By statute, all exclusive contracts for real estate
services must be in writing and say so
By statute, all agency relationships for real estate
services must be in writing and say so
By statute, real estate services may be provided by a
transaction broker either with or without a written
contract
By statute, all clients and customers are entitled to
Broker Duties when receiving real estate services
25. II. RANM Forms Language
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Transaction Broker Listing
Agreement
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Listing Agreement: Agency Addendum
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Listing Agreement: Agency
Addendum
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Dual Agency Facilitation Role
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Transaction Broker Facilitation Role*
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Purchase Agreement
Cover Page II Disclosures: #1
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Purchase Agreement
Cover Page II Disclosures: #2
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Purchase Agreement
Cover Page II Disclosures: #3
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Purchase Agreement
Cover Page II Disclosures: #4
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Purchase Agreement
Cover Page II Disclosures: #5
36. Transaction Broker Facilitation
This Broker is not in any Corner and not in any
party’s shoes—but rather stands in the middle
as an impartial facilitator
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Listing Agreement Contract Duties
2. Duties of Broker. Broker will use diligence in
effecting the sale of the Property, and will
provide the following services:
(a) assisting Seller to locate qualified buyers; (b)
if requested, assisting potential buyers to locate
financing and prepare offers; (c) assisting Seller
in negotiating the terms of a sale; (d) assisting
Seller in monitoring pre-closing and closing
procedures.
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Buyer Agreement Contract Duties
2. Duties of Broker. During the term of this
Agreement Broker will:
(a) Become familiar with Buyer's property
requirements; (b) assist Buyer to locate suitable
properties; (c) assist Buyer to locate financing;
(d) assist Buyer to prepare offers (including
providing information concerning comparable
properties) (e) assist Buyer in negotiating
acquisition terms; (f) assist Buyer in monitoring
pre-closing and closing procedures; (g) act
solely for Buyer in any transaction;
40. Listing Agreement Potential Item
#20 “Other”
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Brokerage appoints listing broker as
Designated Broker to provide Seller
exclusive services. Brokerage reserves the
right to appoint additional Designated
Brokers when Brokerage deems it
necessary and Seller will be informed. In an
“in-house” transaction Brokerage will
appoint a Designated Broker to work
exclusively with Buyer
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Listing Agreement Item #20 “Other”
“In the event that listing broker obtains a buyer
for this property-- seller and brokerage agree to
modify this exclusive agreement to provide for
impartial facilitation between seller and buyer”
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Role Choices
Exclusive Services
Facilitation
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Relationship Selection
Transaction Brokerage
Agency
47. V. A Second Look
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48. Transaction Broker
Provides assistance and services to client or
customer
Does NOT have right to make decisions that
bind client or customer
Does NOT have scope of authority to commit
without written ratification of client or
Discussion
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49. Transaction Broker should not make decision-
recommendations to clients or customers –
except to obtain more information prior to client
or customer making their own decision
“I provide—you decided”—Realtor® Mantra
Discussion
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50. Exclusive Agent—acts as a fiduciary precisely
because agency carries with it the essential
understanding of potential capacity to make
decisions and bind a client—in keeping with
implied or express scope of authority
Therefore, as a fiduciary who acts, an agent is
held to a higher standard and may be
accountable for damages, rescission, and loss
of compensation
Discussion
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51. Facilitation is:
Impartial toward both parties
Both parties receive Basic Duties
Both parties receive pre-set limited
recommendations for further information
Both parties understand that neither will
receive decision-making recommendations
Both parties understand that confidentiality is
preserved for both parties
Discussion
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52. Exclusive Services of any kind means that
the exclusive broker is promoting the
interests of the client
Exclusive Agency means that the
Exclusive Agent is not only promoting but
also protecting the client’s interest in a
fiduciary capacity with special penalties for
“breach” of that duty
Corner and Shoes
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54. Exclusive
Exclusive Transaction Broker: “In
Your Corner” –and has Buyer as Well
Your
Buyer
Custome
r
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55. Exclusive
Exclusive Agency: In Your Corner
and In Your Shoes
Out of
House
Sale
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57. Seller Client assisted by
Exclusive Listing Broker
Buyer Customer assisted by
Exclusive Listing Broker
What Can Client and Customer
Expect?
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58. Seller Client assisted by
Exclusive Listing Broker
Buyer Client assisted by
Exclusive Buyer
Broker
who is ALSO the
Exclusive Listing Broker
What Can the Two Clients Expect?
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59. Qualifying Broker appoints
Listing Broker as Designated
Broker and Seller Client continues
to receive Exclusive Services
Qualifying Broker appoints
Buyer Broker as Designated
Broker and Buyer Client
Continues to receive
Exclusive Services
What Can Two Clients Expect with
Designated Broker Dual Representation?
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60. Qualifying Broker appoints
Listing Broker as Designated
Agent and Seller Client continues
to receive Exclusive Services
Qualifying Broker
appoints
Buyer Broker as Designated
Agent and Buyer
Client
Continues to receive
Exclusive Services
What Can Two Clients Expect Two
Agents with Dual Agency?
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61. Seller’s Agent obtains Seller’s
written permission for Dual Agency
prior to an offer being presented and
makes it clear that Agent will represent
both parties as impartial facilitator
Buyer’s Agent obtains
Buyer’s written permission
for Dual Agency prior to an
offer being written and
makes it clear that Agent
will represent both parties
as impartial facilitator
What Can Two Clients Expect with
One Agent in Dual Agency?
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62. Impartial toward both parties
Both parties receive Basic Duties
Both parties receive pre-set limited
recommendations for further information
Both parties understand that neither will
receive decision-making
recommendations
Both parties understand that confidentiality
is preserved for both parties
What Is Facilitation?
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66. Brokerage appoints listing broker as
Designated Broker to provide Seller
exclusive services. Brokerage reserves
the right to appoint additional Designated
Brokers when Brokerage deems it
necessary and Seller will be informed. In
an “in-house” transaction Brokerage will
appoint a Designated Broker to work
exclusively with Buyer
Listing Agreement Item #20
Possibilities
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67. Brokerage appoints listing broker as
Designated Broker to provide Seller
exclusive services. Brokerage reserves
the right to appoint additional Designated
Brokers when Brokerage deems it
necessary and Seller will be informed. In
an “in-house” transaction Brokerage will
appoint a Designated Broker to work
exclusively with Buyer
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69. Awareness and Involvement
“Known and Unknown”
Potential Litigation Sources
Valid and Exclusive Agreements
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70. In the event listing broker obtains a buyer
for this listed property Seller and
Brokerage agree to modify this exclusive
agreement to provide for impartial
facilitation between Seller and Buyer
Listing Agreement Item #20
Possibilities
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71. Under the common law of agency “breach
of fiduciary duty” carries special
“accountability”
Not only “damages” as compensation to the
agency client, but also
Potential for “rescission” of any already closed
transaction
Potential that the agent has forfeited claim to
the commission
Corner and Shoes
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72. The real consequence of a broker being
found to be an “agent” under the common
law is exposure to remedies—a
transaction broker is responsible under the
common law of Tort for damages due to
misrepresentation (intentional or
otherwise) and negligence—but not loss of
compensation or rescission of the
transaction
Corner and Shoes
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73. Both Seller and Buyer Clients can expect
full disclosure and modification of contract
for exclusive services to either:
Maintain Exclusive Services to Seller and
NOT to Buyer
Maintain Exclusive Services to Buyer and
NOT to Seller
Modify BOTH Exclusive Service Agreements
to provide, in writing, for Impartial Facilitation
What Can the Two Clients Expect?
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Transaction Broker Rationale (1)
It is the parties' intention to minimize the
likelihood that Seller will be held liable for
the acts and omissions of the Broker and
to eliminate the possibility that Broker is
held liable to Seller under agency law.
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Transaction Broker Rationale (2)
LIABILITY. Seller acknowledges that as a
result of the agency relationship Seller can
be held liable for acts or omissions of
Broker that are within the scope of the
Broker's authority
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A House of Cards
Built on Complex
Disclosures
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ROLE
Exclusive Service
Impartial Service
RELATIONSHIP
Transaction Broker
Agent
Property Management
New Builder Exclusive
Rep
Absentee
Client/Customer
Seller/Buyer Brokerage
Building/Tenant Rep
TASK
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Classroom Input
Listing broker advertises a property as "being near public
transportation" and as a result of the advertisement finds a buyer
prospect who states up front that she must live close to public
transportation because does not drive or own a vehicle. The listing
broker writes the offer with the perception that the property is close
to public transportation, but without making the close-by-
availability –of- public- transportation a contingency in the offer
to purchase. The offer is accepted along with $5,000 as earnest
money. Two days after the date of acceptance, the listing broker
sees a notice in the local newspaper of record that the only bus line
serving that neighborhood would be permanently discontinued in
one month.
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NAR Code of Ethics—Written Service
Agreements
“For the protection of all parties, shall
assure whenever possible that all
agreements related to real estate
transactions, including, but not limited to,
listing and representation agreements…”
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Agency Authorization
“For all regulated real estate transactions first
executed on or after January 1, 2000, no agency
relationship between a buyer, seller, landlord or
tenant and a brokerage shall exist unless the
buyer, seller, landlord or tenant and the
brokerage agree, in writing, to the agency
relationship. No type of agency relationship may
be assumed by a buyer, seller, landlord, tenant
or licensee, or created orally or by implication.”
(NMSA 1978)
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Prologue: The “Iron Age” of Agency
Reality
Disclaimers
Disclosures
Choosing Sides—taking “agency” seriously
Complexities
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I. INTRODUCTION
Background of Non-Agency in Real Estate
Undefined and Unregulated and not Role Specific
Background of Agency in Real Estate
Defined by Common Law and One-Sided
Agency Embraced by NAR
Listings and All MLS Cooperation Based on Agency Only
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Written Service Agreements
without Agency
“A brokerage may provide real estate
services to a client pursuant to an express
written agreement that does not create an
agency relationship and no agency duties
will be imposed on the brokerage” (NMSA 1978)
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The “Wheel”
•TASK
•ROLE
•RELATIONSHIP
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II. Brokerage Relationships
in New Mexico
Transaction Broker
Client—Services Differential?
Customer—Services Differential?
Exclusive Agency
Client Only and Only with Express Agency
Agency--Designated Agency--Subagency
Facilitation
Dual Transaction Broker or Dual Agent
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Broker Assignment
Agent
Scope of Authority: The client’s authorization--
within the scope of authority-- for agent to
speak and/or act on client’s behalf and to
commit client without client’s further approval
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Broker Assignment
Transaction Broker
Scope of Engagement: those tasks brokerage
has accepted to do on behalf of the client or
customer
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Value of Written Service Agreements
Required to establish a contract for real estate services
Written instructions and acceptance
Makes brokerage relationships clear
Written permission of your principal is necessary to get
paid by the other party to the transaction
Necessary for standing under Article 16 protection
Necessary for contract protection under common law
Creates a “commitment” in writing from client
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Written Listing Agreement Benefits
1. _______________________________
2. _______________________________
3. _______________________________
4. _______________________________
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Written Buyer Agreement Benefits
1. ______________________________
2. ______________________________
3. _______________________________
4. _______________________________
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Transaction Broker Listing
Agreement
EXCLUSIVE SERVICES. The undersigned
("Seller") grants to the undersigned Broker firm
the exclusive right to sell the real property
described in Paragraph 3. Broker will act as
Seller's Transaction Broker in this transaction
without creating an agency relationship. Broker
and Seller will owe each other loyalty.
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Listing Broker Service Agreement
Broker will use diligence in effecting the
sale of the Property, and will provide the
following services: (a) assisting Seller to
locate qualified buyers; (b) if requested,
assisting potential buyers to locate
financing and prepare offers; (c) assisting
Seller in negotiating the terms of a sale;
(d) assisting Seller in monitoring
preclosing and closing procedures--RANM
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NAR CODE OF ETHICS—
Clients and Customers
A Distinction in Terms
Client—Written Agreement for Service
Relationship Protected by Article 16
Customer—Without a written agreement with
relationship NOT protected under Article 16
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NAR Code of Ethics--Brokerage
Relationships
Agency
Treat client’s interests as primary and all
parties with honesty
Nonagency
Treat all parties with honesty
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Agency Scope of Authority
“The authority to act on behalf of or in
place of a principal with specific
parameters governing the brokerage’s
authority to act” (NMREC Part #1)
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Agency Fiduciary Duties
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable Care and Diligence
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Listing Broker Agency Agreement
Broker will serve as Seller's agent in this
transaction. In addition to the basic licensee
duties, Broker will owe to Seller fiduciary
duties.
Seller acknowledges that as a result of the
agency relationship Seller can be held liable
for acts or omissions of Broker that are within
the scope of the Broker's authority.
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Loyalty by Written Service
Agreement
Pledge of “Loyalty”
Agency Contract
Transaction Broker Contract
Meaning of “Loyalty”
Agency Relationship?
Transaction Broker—Client and Customer?
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Buyer Broker Service Agreement
Broker will: (a) Become familiar with Buyer's
property requirements; (b) assist Buyer to locate
suitable properties; (c) assist Buyer to locate
financing; (d) assist Buyer to prepare offers
(including providing information concerning
comparable properties); (e) assist Buyer in
negotiating acquisition terms; (f) assist Buyer in
monitoring pre-closing and closing procedures;
(g) act solely for Buyer in any transaction …
unless otherwise specifically and expressly
agreed to by Buyer in writing;--RANM
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Buyer Agreement Psychology
RANM Compensation Provisions
Buyer “guarantees” broker’s compensation
Buyer gives broker permission to get
compensation from “other side”
Buyer will pay the difference after consulting
Broker does not have to find or show when
compensation is not enough
Buyer will pay broker if buyer causes default
or if buyer cuts broker out after term is expired
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Buyer Agreement Psychology
Lou’s Provisions
Buyer owes loyalty to broker
Buyer owes no compensation to broker
Broker is given permission to get paid by “other
side”
Broker owes broad range of professional duty
Agreement can be cancelled by either side with
simple written notice
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Dual Agency Agreement
BROKER'S DUAL AGENCY ROLE: Brokerage
is representing both Buyer and Seller as clients
by means of a written agency agreement with
each of them. Buyer and Seller consent to
Brokerage acting as a Dual Agent.
Buyer and Seller agree to modify the fiduciary
duties of the brokerage. As a Dual Agent,
Brokerage shall act as a facilitator between
Buyer and Seller,
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Dual Transaction Broker
Agreement
Dual Transaction Facilitation: The parties agree
that this Agreement supersedes and modifies
the separate Exclusive Buyer and Listing
Agreements between Broker and Buyer and
Seller.
Broker’s Transaction Facilitation Role: Buyer
and Seller consent to Broker not acting as
exclusive representative for either party in order
to facilitate this transaction
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A SAMPLE Transaction
Facilitation Statement.
Broker will assist in the evaluation process and continue
to offer such services as specified in any previously
entered into written agreement with the Seller or Buyer—
EXCEPT
Broker but will not takes sides or represent either
party.
Broker will NOT disclose any pertinent information
obtained during the term of an Exclusive Agreement
unless by permission or required by law
Broker, will offer information and services to Seller
and Buyer but will not takes sides or represent either
party.
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Buyer Broker Agency Agreement
Broker will serve as Buyer's agent. In
addition to the basic licensee duties,
Broker will owe to Buyer fiduciary duties.
Buyer acknowledges that as a result of
the agency relationship Buyer can be
held liable for acts or omissions of Broker
that are within the scope of the Broker's
authority
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Dual Agency Duties--RANM
Buyer and Seller agree to modify the fiduciary
duties of the brokerage. As a Dual Agent,
Brokerage shall act as a facilitator between
Buyer and Seller, shall not disclose confidential
information of one party to the other without the
affected party's consent, will provide information
on an equal basis to assist Buyer and Seller to
negotiate on their own behalf, but will not
advocate for either Buyer or Seller.
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NAR CODE OF ETHICS--
Confidentiality
Confidentiality
Preserved except by permission, disclosure is
required by law, or for Realtor® to be able to
defend himself when accused
Identical provisions for Realtors® as agents
and nonagents
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NAR Code of Ethics—
Disclosure Issues
Same duties for all Realtors® regardless of
brokerage relationship
Discovery
Concealment
Misrepresentation
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NAR Code of Ethics--Competence
“The services which Realtors® provide to their
clients and customer shall conform to the
standards of practice and competence which are
reasonably expected in the specific real estate
disciplines in which they engage” (Article 11)
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NAR Code of Ethics—
Conflict of Interest
“Realtors® shall not undertake to provide
professional services concerning property
or its value where they have a present or
contemplated interest unless such interest
is specifically disclosed to all parties” (Article 5)
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NAR Code of Ethics—
Respect for Exclusive Agreements of
Others
“…Realtors® shall not knowingly provide
substantive services…to prospects who
are parties to exclusive representation
agreements, except with the consent of
the prospects exclusive representative or
at the direction of prospects” (SOP 16-13)
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Consumer Protection and the
Common Law of Tort
Fraud
Active
Passive
Negligent Misrepresentation
Negligence
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Key New Mexico Tort Cases
Neff v Bud Lewis (1976)
Amato v Rathbun (1982)
Gouveia v Citicorp (1984)
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Common Law Uncertainties
Case Specific
Case Law Precedence
Risk Management Responses
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Some “Reality Checks”
Broker Service Check List
Comparisons
Duty Intensifiers
Service Expanders
Greater Obedience
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Selected Law Cases
“Common Law duties are difficult to ascertain
even with in-depth legal research” .... Laurie Janik,
NAR General Counsel 1999
“[Agency] Common Law is a hit-and-miss
proposition. It sets forth fiduciary duties in very
broad terms and leaves a lot to uncertainty…”--
Laurie Janik, NAR General Counsel 1999
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A. Priority of Duties
Department of Real Estate Regulations
Common Law of Agency Fiduciary Duty
Contract Law Covenants
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Priority of Duties
Common Law of Agency Fiduciary Duty
Federal Fair Housing Act
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C. Breach of Fiduciary Duty
Misrepresentation
Lack of Further Inquiry
Dependence on “Unreliable Date Source”
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Fiduciary Duty and Disclosure
Listing Agent’s Non-Disclosure to Buyer
Seller’s Obligations to Buyer
Third Party Providers’ Obligation to Buyer
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Breach of Fiduciary Duty
Failure to Disclose to Seller Relationship
to Buyer
Transaction Closed and Funded
Seller Refused to Pay Compensation
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F. “Breach of TB Duty”
Transaction Broker for Seller Did Not
Perform all of the Transaction Broker
Duties
Transaction Closed and Funded
Seller Refused to Pay Compensation
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Benefits
Some Benefits
Minimizing Complexity
Minimizing Uncertainty
Avoiding Appearance of Authority to Commit Client
Say “Goodbye” to Dual Agency
Responsible for “Recognized/Measurable” Standards
Providing an Agency Alternative to Client’s Benefit
Fits the other than “Substantial Services” Agreements
A Better Fit for the world of “CBA’s,” and “AfBA’s,”
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Why All This Matters
Expanding Expectations of Service
Increased Awareness of Legal
Implications
Knowledge of Points of Vulnerability
Need to for Licensees to Self-Monitor
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Potential Downsides
Transaction Broker Is Acting like an “Agent”
Forgetting that “agency is capacity”
Taking on “agency specific tasks”
Misleading others to believe transaction
broker is in fact acting as “agent” of client
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The “Duck-Theory” and
Task-Specific Agency
Duck Theory…”You are not an agency UNLESS
you act like an agent…”
Task-Specific Agency Services
Trustee
“Acting as Though”
Accepting Delivery and Notice
Making Objections, etc. on Behalf of Client
Accepting Power of Attorney
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Summary
The “Wheel”
TASK and ROLE suggest RELATIONSHIP
Agency
Transaction Broker
Determine which is best to perform obligations of seller
or buyer agreements
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ROLE
Exclusive Representative
Facilitator
RELATIONSHIP
Transaction Brokerage
Agency
Property Management
New Builder Exclusive
Rep
Absentee
Client/Customer
Seller/Buyer Brokerage
Building/Tenant Rep
TASK
Making Rational
Choices
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XII. Break-Out Discussions
Class Problem #1—Public Transportation
Class Problem #2—Meth Lab Issue
Class Problem #3—Sex Offender Issue
Class Problem #4—Financing Clause
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XI. Break-Out Discussions
Class Problem #1—Public Transportation
Class Problem #2—Meth Lab Issue
Class Problem #3—Sex Offender Issue
Class Problem #4—Financing Clause
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“Designated Broker” Possible Replacement
“Designated Broker: A Qualifying Broker
or Broker who is designated in writing by a
Qualifying Broker to serve as Exclusive
Transaction Broker or Exclusive Agent for
a seller, landlord, buyer, or tenant in a real
estate transaction. A Designated Broker
may work with a seller or landlord in one
transaction and work with a buyer or
tenant in another transaction.” Lou Tulga
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“Facilitator” Possible Replacement
“Facilitator: The role of a Broker in either a
Dual Agency or Transaction Brokerage
relationship in which the exclusive
relationships between a seller or landlord
client or buyer or tenant client are modified
so that the Broker impartially facilitates the
Transaction.” Lou Tulga
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Listing Broker Duties--RANM
Broker will: (a) Become familiar with Buyer's
property requirements; (b) assist Buyer to locate
suitable properties; (c) assist Buyer to locate
financing; (d) assist Buyer to prepare offers
(including providing information concerning
comparable properties); (e) assist Buyer in
negotiating acquisition terms; (f) assist Buyer in
monitoring pre-closing and closing procedures;
(g) act solely for Buyer in any transaction …
unless otherwise specifically and expressly
agreed to by Buyer in writing;
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Dual Agency—What’s Missing?
There is no mention of modifications of
“services provided”
There is no mention of “scope of authority”
changes
There is no clarification of “modification of
fiduciary duties”
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V. Written Service Agreements
Seven Good Reasons for Written Agreements
RANM Form #1106 Listing Agreement
RANM Form #1206 Buyer Broker Agreement
RANM Form #1301 Agency—Dual Agreement
Discussion Items--Transaction Broker Dual Facilitation,
Designated Representation, and Cover Page II
Expansion to provide for Transaction Broker Facilitation
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Some Good Reasons…
For Transaction Brokerage with Written Agreement
It is a “trust/commitment” document Service Contract Loyalty
It expressly indicates the agreement Basic Licensee Duties
Mandatory for “exclusive relationships”47-1-45 NMSA
Code of “requires” written agreements Article Nine
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Some Good Reasons…
Code Protection only for Exclusive Written
Agreements Article 16 SOP 16-9 & 16-13
Contract Law Protection for Written
Agreements
License law requires it for compensation
from other party61-299-12 A 3
Contract contains “mediation clause”
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“ For the Future” (now done in Colorado)—”Designated
Representative” for In-House Transaction Brokerage
Representation—Not RANM Approved!
Designated Representative. “If Qualifying
Broker chooses Designated Representation,
Broker Firm designates to represent the Client
exclusively. The designated representative will
provide the Client services as transaction broker
without an agency relationship…
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“Broker Firm reserves the right to name
additional designated representatives
when at its discretion it is necessary. If
additional designated representatives
are named, Client will be informed. Only
the persons designated as Client's
designated representatives will be
assigned to the Client…
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“In an in-house transaction Qualifying
Broker will designate another licensee to
represent the Other Client exclusively.
Client’s designated representative and
Other Client’s designated representative
will work for the same Qualifying Broker,
who supervises all, transactions and
maintains impartiality and safeguards
confidentiality for both parties.”
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“ For the Future” (Selection #C is NOT currently in Item #4 of
Cover Page II of the RANM Form # 2103 Purchase Agreement)
4. DUAL REPRESENTATION/DUAL AGENCY/TRANSACTION BROKER FACILITATION
DISCLOSURE AND CONSENT (if applicable)
[ ] A. Brokerage is representing both Buyer and Seller as clients by means of a
written agreement with each of them without creating dual agency, and Buyer
and Seller hereby consent to this representation.
[ ] B. If Dual Agency exists, prior to writing or presenting offer, obtain written authority from
buyer client and seller client on RANM Form 1301, Agency Agreement - Dual.
[ ]C. If Transaction Broker Dual Facilitation is to be
entered, prior to writing or presenting offer, obtain
written authority from buyer client and seller client
modifying the existing Exclusive Agreements with
consent for Transaction Broker Dual Facilitation.
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Brokerage Service Check List
(attached worksheet)
Check the “A Box” if You, as Exclusive Agent,
Would Provide this Service
Check the “B Box” if You, as Exclusive
Transaction Broker Would Provide this Service
Leave Both Boxes Blank, if Service Is NOT
Provided Regardless of Brokerage Relationship
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ROLE
RELATIONSHIP
TASK
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#4 Issue of Extent of Fiduciary Duty
Does it Extend to the Client beyond
Obligations of the Listing?
Does it Extend to Seller Client’s Other
Properties that Are Not Listed?
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#5 Issue Do Disclosure
Responsibilities Differ?
Disclosure Responsibilities of Seller
Disclosure Responsibilities of Title Company
Disclosure Responsibility of Listing Agent
Disclosure Responsibility of Buyer’s Agent
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#6 Issue of Loyalty
Competing with Former Agency Client
Effect of Contract “Hold-Over” Clause
What Constitutes a “de novo”
Transaction?
Loss of Right to Get Paid
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#7 Issue of Loyalty
Failure to Disclose
Self-Dealing
Loss of Right to Get Paid
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ROLE
RELATIONSHIP
TASK
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Remember….
Professional Services are Required
Regardless of Role or Relationship
Scope of Authority—Authorizations with
potential Capacity to Commit Client
Scope of Engagement—Provision of
Services Only
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VI. Task-Role-Relationship Model
Determine the TASK
Suggest the Role Suitable for TASK
Suggest the Relationship that Best Fits the
Task and Role
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ROLE
RELATIONSHIP
TASK
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Why All This Matters
Expanding Expectations of Service
Increased Awareness of Legal
Implications
Knowledge of Points of Vulnerability
Need to for Licensees to Self-Monitor
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Transaction Brokerage
Finis
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Forms Discussion
Listing Agreement and Addendum
Dual Agency Agreement
Transaction Broker Facilitation Agreement
Purchase Agreement Cover Page II
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IX. Making it Work
Class Problem #1: Public Transportation
Class Problem #2: Decline of Inspections
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1. EXCLUSIVE SERVICES. The undersigned("Seller") grants to the
undersigned Broker firm the exclusive right to sell the real property
described in Paragraph 3. Broker will act as Seller's Transaction
Broker in this transaction without creating an agency relationship.
Broker and Seller will owe each other loyalty. "Sale" includes the
voluntary sale, lease, exchange or other transfer of the Property or
the voluntary creation of the right to acquire any interest in the
Property (including a contract or lease). It is the parties' intention to
minimize the likelihood that Seller will be held liable for the acts and
omissions of the Broker and to eliminate the possibility that Broker is
held liable to Seller under agency law.
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What Do These Terms Mean in
Real Estate Practice?
“Assistance”
“Facilitation”
“Representation”
“Advocacy”
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I. Introduction
#1 Caveat Emptor and Vendor Agency
#2 Trade Associations with Ethical Standards
#3 Real Estate License Law & Commissions
#4 Courts & Consumer Protection
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I. Introduction
New Mexico Cases
Neff v Bud Lewis (1976)
Amato v Rathbun (1982)
Gouveia v Citicorp (1984)
Easton v Strassburg (CA 1984)
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I. Introduction
#5 Agency Understood & Effect on Buyers
#6 Buyer Agency & Dual Agency
#7 Courts & Failure to Disclose
#8 Nonagency and Transaction Brokerage
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I. Introduction
“How We Do It”-- Licensee
Responsibilities
Differences with “OLDCAR” Fiduciary Duties
Differences in Potential for Liability
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IV. Transaction Broker Duties and
Professional Standards
NAR Code of Ethics and Brokerage
Relationships
Article 1-- Priority and Honesty
Article 2-- Confidentiality
Article 11--Competency
Article 16--Exclusive Relationships
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II. Some Important Terms
Agency
Business Relationship
Facilitator
Fiduciary Duty
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II. Some Important Terms
Nonfiduciary Duty
Principal
Professional Duty
Standard of Care
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II. Some Important Terms
Reasonable Care
“That degree of care which a person of ordinary
prudence would exercise in the same or similar
circumstances. Due care under all the
circumstances. Failure to exercise such care is
ordinary negligence”
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II. Some Important Terms
Reasonable Care
“That degree of care which a person of ordinary
prudence would exercise in the same or similar
circumstances. Due care under all the
circumstances. Failure to exercise such care is
ordinary negligence”
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II. Some Important Terms
Reasonable Care
“That degree of care which a person of ordinary
prudence would exercise in the same or similar
circumstances. Due care under all the
circumstances. Failure to exercise such care is
ordinary negligence”
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II. Some Important Terms
Utmost Care
“The standard is relative, not absolute, and
sometimes regarded as no more than
reasonable care measured by
circumstances.”
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II. Some Important Terms
Transaction Broker in Other States
Colorado
Florida
Missouri
Oklahoma
Tennessee
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#1 Issue of Priority
Common Law or Rules & Regs?
Non-Fiduciary Duty
Covenant of Good Faith and Fair Dealing
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#2 Issue of Priority
Common Law or Fair Housing Law?
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#3 Issue of Reliable Source
Substantial Misrepresentation
Source “Deemed Reliable”
Responsibility for “Red Flags”
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#4 Issue of Extent of Fiduciary Duty
Does it Extend to the Client beyond
Obligations of the Listing?
Does it Extend to Seller Client’s Other
Properties that Are Not Listed?
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#5 Issue Do Disclosure
Responsibilities Differ?
Disclosure Responsibilities of Seller
Disclosure Responsibilities of Title Company
Disclosure Responsibility of Listing Agent
Disclosure Responsibility of Buyer’s Agent
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#6 Issue of Loyalty
Competing with Former Agency Client
Effect of Contract “Hold-Over” Clause
What Constitutes a “de novo”
Transaction?
Loss of Right to Get Paid
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#7 Issue of Loyalty
Failure to Disclose
Self-Dealing
Loss of Right to Get Paid
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IV. Transaction Broker Duties and
Professional Standards
Real Estate License Law & Regulations
Misrepresentations
Other conduct such as negligence,
impropriety and incompetence
Basic Licensee Duties of NMREC Part 19
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IV. Transaction Broker Duties and
Professional Standards
Necessity for Written Contracts or
Memorandums
47-1-45 NMSA 1978 Written Contracts
61-29-12 A (3) written permission required
from one’s principal to receive compensation
from other party to the transaction
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Customer Service
Transaction Broker
Obligations of Real Estate Law and NMREC
Basic Licensee Duties
Obligation to perform all oral and written
agreements with honesty and reasonable care
Liability for money damages from
misrepresentation and negligence
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Client Service
Exclusive Transaction Broker
All Customer Service Obligations and Liabilities
Basic Licensee Duties
Performance of Promises Made
Liability for Misrepresentation & Negligence
PLUS—Undivided Loyalty entered solely by
Exclusive Brokerage Agreement
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Client Service
Exclusive Agency
Fiduciary duty obligations of utmost care
Liability for breach of fiduciary duties including potential
for not getting paid
Implied authority to commit client by word or deed
Client liability for word or deed of agent under the scope
of authority granted
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Brokerage Service Check List
Check the “A Box” if You, as Exclusive Agent,
Would Provide this Service
Check the “B Box” if You, as Exclusive
Transaction Broker Would Provide this Service
Leave Both Boxes Blank, if Service Is NOT
Provided Regardless of Brokerage Relationship
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Transaction Brokerage Duties and
Professional Standards
Real Estate License Law
NMREC Rules & Regulations
Basic Licensee Duties
National Association of Realtors® Code of
Ethics
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Transaction Brokerage Disclosure
Requirements
“Trigger Event”
When Presenting Consumer with a Written Document
that when Filled Out Could become an Express
Written Agreement
Written Disclosures
Basic Licensee Duties
Existence of Your Own Listing Contracts
Licensee’s Material Interests or Relationships
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Chart of Obligations (attached as handout)
Real Estate License Law
NMREC Rules and Regulations
Reference to Common Law
Reference to NAR Code of Ethics
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Ockham’s Razor
“pluralitas non est ponenda sine necessitate”
(“Don’t make matters more complicated than is
necessary”)
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Ambiguities: Use of Terms
Assistance
Representation
Advocacy
Loyalty
Fiduciary
Advise
Facilitation
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An Ancient Proverb
“When you are in a hole and cannot get out
you have several options”
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Making Rational Choices
ROLE
RELATIONSHIP
TASK
Lou Tulga’s “Wheel”
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Brokerage Relationship Comparison
Chart: Agency
Loyalty is agreement to promote and protect
client’s interests as foremost
Acceptance of CAPACITY by world or deed
to commit client without further ratification
under scope of authority—trustee
Acceptance of liability for breach of fiduciary
duty—which includes, payment of damages,
rescission, and loss of compensation