Brokerage Compensation is contracted between the Seller and Listing Brokerage, the Listing Brokerage offers a portion of this compensation to Cooperating Buyer Agent/Brokers. This is known as the Coop Buyer Agent Commission. This contracted Coop incentive is offered from Listing Broker to Selling Broker. Licencees are instructed to inquire if prospective clients have contracted / signed an exclusive representation agreement with another licensed agent. Broker/Agents who do not inquire about an the exclusive agreement may be found in violation of the Realtor Code of Ethics. | If contacted about their property; The LISTED Seller should also inquire as to whether the party to whom they are communicating is a licensed agent or whether the party is represented by a licensed agent. Broker/Agents should disclose there status as Licensed Broker/Agents up-front, Buyers should also disclose their status of being represented by a Licensed Broker/Agent. These disclosures identify to all parties the Agency involved in any upcoming transaction and avoid future miss-communication in the selling process especially regarding compensation issues. Real Estate Commissions are negotiable and are not established by law. |
