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REAL ESTATE VOCABULARY

Terms in this set (84)

A growing number of brokerages offer limited-service listing agreements. The real estate broker may offer no services other than that of listing a property in the MLS. When sellers enter into this kind of agreement, they are essentially representing themselves, accepting communications from prospective buyers, showing the property, and perhaps hiring an attorney to assist with completing a transaction. If questions emerge during the negotiation or completion of such a transaction, the seller may turn to the real estate professional working for the buyer for answers, which can put the real estate professional in an awkward position or, worse, involve the real estate professional in an unethical or even illegal position if even an implication that the real estate professional has worked on behalf of both parties to the transaction without their informed consent is present.
In response to this potential problem, some states have enacted legislation defining an exclusive brokerage agreement. Other states have proposed regulations that define the minimum level of services a consumer should expect from a real estate professional.
For example, one state now requires all exclusive brokerage agreements to specify that the broker—through one or more sponsored sales associates—must, at a minimum,◾accept delivery of and present offers and counteroffers to the client;◾assist the client in developing, negotiating, and presenting offers and counteroffers; and◾answer the client's questions about offers, counteroffers, and contingencies.
was created by the National Conference of Commissioners on Uniform State Laws, www.uniformlaws.org. At present, UETA has been adopted by all but three states (Illinois, New York, and Washington). The law sets forth basic rules for entering an enforceable contract using electronic means. The primary purpose of UETA is to remove barriers in electronic commerce that would otherwise prevent enforceability of contracts. UETA validates and effectuates electronic records and signatures in a procedural manner and is intended to complement a state's digital signature statute, but it does not in any way require parties to use electronic means. UETA's four key provisions are the following:◾A contract cannot be denied its legal effect just because an electronic record was used.◾A record or signature cannot be denied its legal effect just because it is in an electronic format.◾If a state's law requires a signature on a contract, an electronic signature is sufficient.◾If a state's law requires a written record, an electronic record is sufficient.
The Electronic Signatures in Global and National Commerce Act (E-Sign) was passed by Congress in 2000. E-Sign functions as the electronic transactions law in states that have not enacted UETA, and some sections of E-Sign apply to states that have enacted UETA. The purpose of E-Sign is to make contracts (including signatures) and records legally enforceable, regardless of the medium in which they are created. For example, contracts formed using email or transmitted electronically rather than by paper have the same legal significance as those formed on paper.

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