You are being interviewed as a realtor for a couple selling their home. They ask you the following questions. How would you respond?
- What types of listing agreements are available, and which one do you recommend that will not require a commission to be paid if we find our own buyer?
- Explain the agent's principle duties to us regarding care, loyalty, obedience, and accountability and the agent's duty relating to the collection and holding of the earnest money.
- Once we accept an offer, is there any way a buyer may terminate it? If done so unlawfully, what remedies are available to us?
- What kind of agency agreement would allow you, the listing agent, to represent both the seller and the buyer; and why would we agree to this?
Sample Solution