| Literal meaning of broker is a person, | | | | being offered by these kinds of brokers. |
| entity, or party who takes intermediary | | | | But they assist you to take advice and |
| commission during the deal between | | | | coordinate with the appropriate |
| seller and buyer. Real state and land | | | | specialist in these fields. |
| brokers are the terms use for the | | | | There are several listing contracts |
| brokers who act between buyer and seller | | | | between seller and broker, which is |
| while dealing in real state or land | | | | essential part of fair dealing. These |
| property. | | | | contracts are listed below- |
| The relationship of these real estate | | | | 1. Exclusive Agency- In this kind of |
| and land brokers with buyer and seller | | | | dealing, broker have the rights to sell |
| were originally established under the | | | | the property with no commission is ever |
| English common law in USA. In UK, these | | | | given to other broker. In this case, |
| brokers are known as Estate agents. | | | | property will never be listed in MLS. |
| What kind of work these agents are | | | | 2. Exclusive Right to sell the property- |
| required to do? | | | | In this type of contract, broker will |
| These real estate and land brokers with | | | | enjoy the rights to marketing the |
| their salesmen are responsible to | | | | property and will represent the seller |
| carried out the deal between seller and | | | | exclusively to buyer. Brokers may offer |
| buyer. They will guide sellers in | | | | some part of its brokerage to other |
| marketing and selling their properties | | | | brokers who help them to show the |
| with highest possible rates while acting | | | | property or to find the potent buyer of |
| towards seller's broker. They will also | | | | the property. |
| assist buyers to purchase good property | | | | 3. Open listing- This is the type of |
| at nominal rates and best terms and | | | | contract in which, brokers have right to |
| conditions. In this case they are said | | | | advertise, negotiate the sale. Whoever |
| to be a buyer's agents. They will take | | | | broker first bring the appropriate offer |
| commission legally from the parties | | | | would receive commission. Real estate |
| engaged in dealing. Some real estate and | | | | will required the written contract for |
| land brokers also collaborated with loan | | | | open listing to be signed by the seller. |
| or finance officers, who can help buyer | | | | This will ensure commission to broker if |
| to get finance for their purchase. For | | | | the deal takes place. |
| that purpose several terms and | | | | What is brokerage commission? |
| conditions would be subjected for | | | | After the deal between buyer and seller |
| change. | | | | finally gets over, broker received the |
| Services are not the integral part of | | | | brokerage or commission for their |
| the service provided by these real | | | | services and efforts for completing the |
| estate and land brokers. | | | | deal. This commission ranges from few |
| There are few title services, for | | | | percent of the amount given by buyer to |
| example, title search, title insurance | | | | seller. In North America, generally 5 to |
| etc. along with the survey and formal | | | | 7 percent is given to real estate broker |
| appraisals and acting as the lawyers for | | | | after transaction. |
| parties are few services which are not | | | | |