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Elliott, another agent and I wrote a contract for a four family home. Both the buyer and seller were at the table, both signed the contract and both took a copy home with them.

I got a call from one attorney who said, as agents, we could not write a contract for four family and that he would write a new contract.

It’s now been two weeks, I have gotten no attorney review letters, or a new contract.

My question is do we have a valid contract?

Insurance Broker in a post card mailing says:

“Bind Coverage Immediately!
R.E. Agent receives $25 referral fee! Max allowable by Current Insurance Law
Priority status for your clients quotes”

I would appreciate clarification on advertised office phone numbers. Here is my take on office phone numbers and advertising. Am I understanding this phone number advertising criteria correctly?

The only numbers that can be advertised on signs and in ads are phone numbers owned and paid for by the broker. When a customer calls one of these advertised numbers they must have the option to speak with the broker of record if they wish to. Example in voicemail: “Press zero to reach the front desk.”

Broker paid for numbers cannot be forwarded to cell phones. Intent is to be able to have the customer be able to reach the Broker of Record if necessary when calling an advertised number.

Wednesday, May 18, 2011

Attend this 4 hour course to learn more about 1031 tax-deferred exchanges, a great tax strategy that can help your clients accomplish many short and long-term investment objectives.

Knowledge of 1031 exchanges can not only be beneficial to your clients but can also create great opportunities for you to increase your listings, sales and commissions as well as valuable referrals from satisfied clients.

Cost: $35
Register by Completing the Form Below:
Note: Registration is only complete with completed Paypal Payment

Presentation by:

Margo McDonnell, CES®
Certified Exchange Specialist®
President, 1031 Corp.

What is a 1031 Exchange?

A 1031 Exchange allows investors to defer gain on the sale and purchase of business use or investment real estate.

Knowledge = Power

The more you know about 1031, the more opportunities you will have to suggest it to your clients and motivate them to use their pre-tax dollars to acquire another property.

Agenda

• Benefits to Realtors
• What is a 1031 Exchange
• Benefits of a 1031 Exchange
• Requirements of a 1031 Exchange
  • Misconceptions
  • What Property Qualifies
  • Time Periods
  • Same Taxpayer Requirement
• Tax Consequences of Exchanging
• Advanced Exchange Topics
• Choosing a Qualified Intermediary
• FAQs for Realtors
• Tips for Using 1031 as and Effective Sales Tool
• Q & A

About the Speaker:
Margo McDonnell assumed the helm of 1031 CORP. in 1994. With over 17 years of experience in the exchange industry, Margo is a respected author and speaker and has presented seminars and continuing education courses nationwide to share the benefits of 1031 exchanges. Margo’s extensive work on behalf of the exchange industry also includes spearheading efforts to launch a national certification and continuing education program for exchange practitioners and serving as founding chair of the Certified Exchange Specialist® (CES®) Certification Council of the Federation of Exchange Accommodators (FEA), the national trade association for exchange practitioners. She also spent over a decade on the Board of Directors for the FEA and served as Vice President and President Elect as well as a variety of committee posts. In 2008, she was honored with “The Margo McDonnell Certified Exchange Specialist® Perpetual Award for Outstanding Service” by the CES® Certification Council.

The situation is that a listing agent introduced a property to a client at an open house they were holding.

The listing agent has a substantial email trail proving that they introduced the property to the client and had built and maintained a relationship with the client. This relationship went on for some time and many discussions, including pointing the client in the right direction to get their financials together.

When the discussion of disclosed dual agency came up, the client suddenly had a “friend” in real estate and went to this “friend”, who was out of the country while the listing agent introduced the property to the client, to write up the contract.

It turns out that the “friend” had never shown the client any other properties and, to the best of my understanding, was not working with them. The listing broker and supposed broker for the “friend’s” company had a verbal agreement that the selling end of the commission would be split equally.

It turned out that the supposed broker was not the actual broker for the other company. When the actual broker found out about the situation, the equal split agreement was taken off the table and they demanded the full commission.

In the best interest of the client, the listing agent and broker allowed the deal to close and kept the selling end of the commission in escrow until this dispute was settled. Now the other broker wants to arbitrate the remainder of the commission.

My question is, when the arbitration board reviews a commission dispute, which is more important; who procured cause for the sale or who actually wrote up the contract?

If a customer cheats (he has a listing with 2 realtors), the listing sells to a buyer represented by another agent, refuses to pay the listing commission to me, we sue in Court and we win. Can the agency legally take out the outside counsel legal fees from the commission before it splits it.

I read the employment agreement, and it clearly states that marketing expenses and other expenses are paid from the commission. I understand that, but there isn’t any mention of legal fees. What are your thoughts on this subject?

If I have a signed listing agreement in my hand but I have not put the property in the MLS yet can I put a sign on the prop? I had a draft in the MLS went to the property to get agreement signed and put the sign up before I left I was told I couldn’t do that because it wasn’t in MLS yet. I didn’t think I did anything wrong because I had the signed listing agreement.

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