This office lease provision states that the landlord and tenant each warrant and represent to the other party that there was no broker, finder or similar person, other than those listed, entitled to a commission, fee or other compensation, instrumental in consummating the lease. It also states that no conversations or prior negotiations were had by the landlord or tenant, respectively, or anyone acting on behalf of the landlord or the tenant, respectively, with any broker, finder or similar person, other than those listed, concerning the renting of the demised premises.
Rhode Island Lease Provisions Relating to Brokers
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Multi-State
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US-OL29A07
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FAQ
The three types of real estate listing agreements are open listing, exclusive agency listing, and exclusive right-to-sell listing. The listing agreement is an employment contract rather than a real estate contract: The broker is hired to represent the seller, but no property is transferred between the two.
With this type of listing agreement, one broker is authorized as the seller's sole agent and has exclusive authorization to represent the property.
Rhode Island allows dual agents to manage real estate transactions, but they do not have free rein to do whatever they want. There are rules that realtors must follow if they want to steer clear of any legal troubles.
Exclusive Right-to-Sell Listing With this type of listing agreement, one broker is authorized as the seller's sole agent and has exclusive authorization to represent the property. While the listing agreement is in effect, the broker receives a commission no matter who sells the property.
With an exclusive agency listing, one broker is authorized to act as the exclusive agent for the seller. The seller retains the right to sell the property without obligation to the broker.
An owner listing authorizes a broker to represent an owner or landlord. There are three main types of owner listing agreement: exclusive right-to-sell (or lease); exclusive agency; and open listing.
A broker is usually not an employee. Rather, a broker acts as a special agent of his or her principal to accomplish the limited and specific purposes of the agency. In this relationship, the broker is authorized to solicit, negotiate and to act on behalf of the principal within the course and scope of the agency.
Open Listing Agreement With an open listing, all contracted brokers can market the property or search for property at the same time, but only the broker who brings the ready, willing and able buyer to the seller, or who find the desired property for a buyer, will receive a commission.
