In my real estate CE material, it states that "the licensed broker is the agent, not the broker's salespeople.....the broker gets the listing....the broker is the procuring cause of the transaction....the broker earns the commission". However, it's not cited. My broker is being sued for a transaction which the listing agent had been fired from our agency at least a month before an executed purchase contract had been signed. My broker's attorney wants us to find, in the laws, where the above statement can be found. I'm the salesperson that the listing was reassigned to. We're in Illinois.
2007-12-20 06:27:06 · 4 answers · asked by MrsSilentWarrior 4 in Business & Finance ➔ Renting & Real Estate
Most often this language is included in the listing contract itself or your brokerage agreement. The broker agreement is required by law (225 ILCS 454/10‑20).
2007-12-20 06:40:43 · answer #1 · answered by linkus86 7 · 1⤊ 1⤋
the genuine belongings company contains an apprenticeship. at the same time as one is first approved they change right into a sales agent (sales man or woman) and are required to artwork below the route of a broking service for 2 years (in any state). After that 2 years each agent is permitted to get carry of the extra coaching and take yet another exam to get their brokers license. A brokers license enables the agent to open their personal company and employ different brokers (regardless of the very shown actuality that many basically artwork on my own). A brokers license does no longer assure the guy to be a extra ideal genuine belongings specialist than an agent. extra many times than no longer, brokers who're eligible to get their brokers license do not do it and spend multi decade careers with agent (shop clerk) licenses.
2016-10-19 21:15:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'd have to agree with Real Estate Guy. Where did this attorney get his law degree ? In a box of Cracker Jack ?
Agency and sub-agency is basic law knowledge. The broker is the agent of record. Licensees operate as sub-agents to the registered broker.
2007-12-20 08:16:44 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
If your lawyer can't find this simple fact then get a new lawyer. Really. This is basic 101 stuff that deals with subagency.
2007-12-20 06:58:06 · answer #4 · answered by Anonymous · 0⤊ 1⤋