Maine Licensing Representation Agreement
Description
How to fill out Licensing Representation Agreement?
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FAQ
A: Subagent means a licensed real estate broker, licensed associate real estate broker, or licensed real estate salesperson who: (1) is not affiliated with or acting as the listing real estate broker for a property; (2) is not a buyer's agent; (3) has an agency relationship with the seller or lessor; and.
A real estate brokerage agency may act as a disclosed dual agent only with the informed written consent of all parties. Consent is presumed to be informed if the party signs an agreement that contains the following: A.
The exclusive right-to-represent contract is the most common buyer representation agreement and best protects the agent.
The subagent broker and the subagent broker's sales agents owe full fiduciary duties to the seller. The subagent broker and subagent broker's sales agents must treat the seller and buyer equally. The subagent broker and subagent broker's sales agents owe partial fiduciary duties to the seller.
The subagent works with the buyer to show the property but owes fiduciary duties to the listing broker and the seller. Although a subagent cannot assist the buyer in any way that would be detrimental to the seller, a buyer customer can expect to be treated honestly by the subagent.
The agent owes the principal duties in two categories: the fiduciary duty and a set of general duties imposed by agency law. But these general duties are not unique to agency law; they are duties owed by any employee to the employer.
According to the Bureau of Labor Statistics, the average real estate agent earns $45,990 each year, but the range in income is massive. One-tenth of real estate agents earned less than $23,000, and 10% earned more than $110,000.
A subagent is a real estate agent or broker who brings in the buyer to purchase a property, but he is not the property's listing agent. The subagent usually earns a portion of the commission. Subagents are rare today because of the popularity of buyer's agents and due to liability concerns.
The average salary for a real estate agent is $89,945 per year in Maine.
The Real Estate Commission was established to protect the public through the regulation of the real estate industry in Maine.
