Broker's responsibilities

page 96

trust account

earnest money deposit

in form of a check

three things

give it to the seller

seller might spend it the buyer the broker comes back for the money

best choice

escrow officer

not taking till escrow opense

time limit

three working days

subtrust buyer seller

a few days after that take to escrow officers

OPM

other people's money

danger: if cominngle

borrow for three days if caught and lose license.

Broker file with---anything else keep for three years.

If somebody comes along if you dont have all the documents then

independent contractor vs. employee.

Salespeople wear several hats.

The relationship with the principle.

Typically the broker.

The subagent the salesperson. One relationship

caravan look at the listings re strengths and weaknesses.

brings to saturday having floor duty.

office drop by sales.

big open house.

no time to be in the office.

nine o clock.

monday morning.

open houses on weekends.

what's going on

contractors.

meetings and training sessions for employees.

can't do with contractor.

payroll records.

if this person is independent contractor.

dental insurance

courts have said and IRS sales person is.  enough stories about broker.  this broker made every sales person log every copy staple, everything they did---going to an extreme.

re: IRS

payroll

key question.

98 figure four

when you get yr license select broker's three page form

independent contractor agreement.

mximum extent permissble by law.

department of real estate.

broker dont care what you call them---they are employee must be trained re liability issues.

this is the employer---training---for whatever.  employee.  subagent

broker is the principal.

moving list house.

take listing in what capacity.  direct as you.

seller not a principle not an agent

seller wearing four hats

independent contractor

employee

salespeople dont undrsatnd the many roles

independent contractor to max extent permitted by law

insurance on vehicle more than the minimu to protect selves

errors and omissions services.

court will say, you are liable.

salesperson is not an independent contractor.

much more complex than this

control vs. liability

one more relationship

principal

an attorney in fact

seller says---not only list property and agent

transferred back there

i trust you i think you are honest and reliable

signed by the seller

reported

where the real property located

sales person or broker

my spouse is ill in the hospital.

when he says pwr of attorney

do not give power of attorney power of attorney

once in hospital and surgery for signature

better to have in advance

ordinary general

incapacity terminates

durable power of attorney---the one you should give your loved one

broker gets special or limited power of attorney.

sign in relation to other

specific power of atty

county recorder

power of attorney

recorded property

misrepresentation

two

as author point s out 3

innocent 

negligent 

intentional

most serious

material impt under the circumstances

10000 acre ranch

one inch material depends on facts and circumstances

civil cases less punitive damges chance except for fraud

recover another million in damages

intent and knowledge

w defense

actual damages court costs and atty fees

civil wrong act duty breach actual cause proximate cross

carelessly and should have checked facts

wasn't negligent.

told something

still get recission

fraud in addition to civil fraud

district do we prosecute and put behind bars

statement.

all financial offers must be legitimate to seller

must be taken to the principal.

great wonderful

2 dollars

do take all offers to the seller unless the seller has given permission no in writing

between you and me.

confidential agreement.

now buyer calls up broker.

no dont waste my time.

eight fifty no---war

take it

revealed the lowest offer catch 22

better not 

call the owner make a legitimte

can't reveal terms or lowest offer.

death after 3 years

buyers believe in ghosts, unless buyer asks it even if they do not ask.  some druggie might show up----anything within three years the visual inspection disclosure. agency relationship

privacy issue with age discrimination

HIV law re:discrimination

better answer than that

terminating agency

two different broad categories

terminated by act of properties or by process of law

terminates the agency relationship

once accomplished the mission of selling the property

the best way is by breach

seller

fired

seller

i quit

if you wrongfully terminate it, you'll get sued--terminate by revocation--terminated wrongfully---broker choses not to bc doesnt want to get reputation for suing

out of listing contract

tactical business decision

only agent has right

broker's call if the selelr terminates but its not a wrongful termination three days after the listing contract expires

three days talked to neighbor

when are you having an open house

bc business so good

all ten signs used up explainable

business not that great

broker without salespeople or associate brokers it is a six month listing

whether terminated

close of escrow

best by agmt of parties

unilateral

find fraud then broker can terminate

not ground sfor getting out of the contract

unilaterally terminate

consult broker

call lawyer and run fact pattern by them seller

fraud

unilaterally terminate

othr way the operation of law

law says terminated bc of this

expiration of listing

exclusive listings

have to have exp date otherwise not valid contracts.

no binding purchase contract.

often has extension clause and a grace period and they are on the list of names.

essentially what said.

rare but does happen.

94 terminates agency relationship.

five months

terminated with the destruction of the subject matter.

third way way not understood.

terminates seller relationship.

dies, terminates the agency relationship.

triglycerides stroke terminates listing contract

BK effect

wrongful
sue and get commission
agmt btw broker/agent and seller