The Real Estate Agent Agreement serves as the foundational document governing the relationship between real estate professionals and their clients in the United States. This agreement is essential for establishing clear expectations, protecting both parties' interests, and ensuring compliance with federal and state regulations. It typically includes detailed information about services provided, commission structures, duration of representation, and specific obligations of both parties. The document is crucial for both residential and commercial real estate transactions and must be tailored to meet specific state requirements while maintaining compliance with federal laws.
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1. Parties: Identifies the real estate agent/broker and the client (seller or buyer)
2. Background: Brief context of the agreement and relationship being established
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of services to be provided by the agent
5. Term of Agreement: Duration of the agreement, including start and end dates
6. Commission Structure: Details of agent compensation and payment terms
7. Agency Relationship: Defines the type of agency relationship and associated duties
8. Termination: Conditions and process for ending the agreement
1. Protection Period: Post-termination period where agent may still be entitled to commission (typically included in seller representation agreements)
2. Multiple Listing Service: Terms related to MLS listing and marketing for seller representation
3. Dual Agency: Terms governing situations where agent represents both parties in jurisdictions where permitted
4. Virtual Services: Terms related to virtual showings and digital services when offering remote real estate services
1. Property Description Schedule: Detailed description of the property (for seller agreements)
2. Commission Schedule: Detailed breakdown of commission structures and scenarios
3. Marketing Plan: Detailed marketing strategy and commitments (for seller agreements)
4. State-Required Disclosures: Mandatory state-specific disclosure forms
Relevant legal definitions
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