15.2 If a property is listed by a senior member and a contract is accepted within 90 days of the expiry date, provided the buyer has been submitted before the expiry of the property, a fee is payable to FMLS by the senior member of the sale and list in accordance with the FMLS pricing plan when the property is closed. The broker risks the commission, unless he or she actively participates in the activities, the buyer and seller and assists in the negotiation. In order to strengthen the case for a winning commission, the brokerage agent should closely monitor the progress of the parties after signing the contract and assist in the execution of the sale. The broker does not earn a commission if he or she has not been able to obtain a reasonable offer and the negotiations have been broken, even if, subsequently, the owner or another broker concludes the transaction with the same person. The right to commission under a public procurement theory is extinguished at the end of the agency relationship. When you act as a real estate agent or broker on behalf of a buyer or seller, you are bound by certain legal and ethical obligations called trust bonds. The key to remembering is to always act in the best interests of the client, as long as that does not mean breaking the law or acting unethically towards another party in the transaction. The seller is usually very attentive to the listing agreement and will probably ask a lawyer to verify it. It is important that the seller understands what he is signing. As soon as a broker presents a willing and capable buyer, if all the conditions are met, the seller owes the broker his full commission. This is true, unless the terms of the listing agreement say otherwise. Customers receive a much higher level of service and protection than when they go alone and let the listing agent execute the transaction. The buyer`s representative analyzes information such as comparative market data, advises during negotiations and writes the sales contract.
In general, they present themselves as the client`s lawyer during the purchase process. The final topic of this lesson is the disclosure of brokerage relationships. The first theme is the presentation of the offers. When representing the seller or buyer, a licensee is required to submit a signed offer to purchase or lease the property.