34. Real estate agency operation carried out by the real estate agent ARBITRATION- The decision of a dispute by one or more independent third parties and not by a court. Arbitrators are appointed by the parties in accordance with the terms of the arbitration agreement or late by a court. The arbitration procedure is carried out according to the laws of arbitration in each state and the arbitral award by the arbitrator binds the parties. EXTENSION OF LEASE – An agreement to renew or renew the terms of a lease for more than the expiry date. LICENSED REAL ESTATE AGENT- A licensed real estate agent can carry out activities in the real estate transaction. It has the authority to assume responsibility for the legislative compliance of an agency. COMMISSION – Fees or payment to an agent for services provided, such as. B the sale of real estate, often charged in relation to the value of the property, contract or contract. EXCLUSIVE LISTING – If only one agent is responsible for selling or leasing a property under an exclusivity agreement. Under an exclusivity agreement, the designated agent is generally entitled to commissions resulting from a transaction related to the property, even if it is sold/leased by another representative or seller for the duration of the agreement. Also known as Exclusive Agency or A Single Agency.
MANAGEMENT AGREEMENT – A written contract that records the agreement between the owner and the property manager regarding the obligations, responsibilities and commitments of the owner and manager in the management of this property. LEASE- An agreement under which the lessor transfers to the lessor the right to use an asset for an agreed period, against payment or series of payments.8 AUCTION AGENCY AGREEMENT- An agreement that the seller must sign when a property is listed at auction. Details on the minimum price and cost of the auction, including advertising and brokerage commission. As a general rule, the condition implies that an agent has the exclusive right to sell the property for a period during and after the auction. Marketing and advertising may or may not be included in an agent`s commission rate, so it`s always a good idea to ask and go through the terms of the agreement with your agent. This will help you have a clear understanding of the partnership and the costs covered by the royalties. Finally, you should charge all fees and fees in writing at the beginning of the process. A reference point allows you to go back on the terms of your agreement and avoid the unpleasant surprises leaving you high and dry when it comes to selling time.
Real estate agents can apply to be registered as the person running the business, whether it is an individual contractor or a business, or you can apply as someone who does not run a business on their behalf. LESSOR (LANDLORD) – The owner of a property who transfers to another the right to occupy and use property as part of a lease agreement.