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REM CHAPTER 2, Multiple Listing Service - Coggle Diagram

- - - - Any real estate salespersons can transact/ advertise
        
        PROS
        
        Owner pays only the salesperson who closes the deal
        
        If owner sells the property themselves, no need pay salesperson
        
        CONS
        
        Little incentive for salesperson
        
        Expenses may not be compensated (if does not sell)
        
        Competition between owner and other salespersons
    - - Sole Estate Agent and/or its
        Salespersons • Exclusive commission
        
        PROS
        
        Salesperson will put
        most effort into selling
        
        Salesperson still receives commission regardless of who sells the property
        
        Any effort made by salesperson to sell the property will not go to waste
        
        Owner can request to put property in MLS
        
        CONS
        
        Dependent on Estate Agent/ Salesperson's client database
        
        Salesperson bears all advertising expenses
        
        Salesperson must agree to co-broke
    - - Owner collaborates with two agencies to sell the property
- - - - An individual who in the course of his employment or engagement by an estate agent does estate agency work.
    - - A person who does estate agency work
    - - any person who, whether on his own behalf or on behalf of another person, retains or otherwise uses the services of, or otherwise engages or employs, an estate agent, whether directly or through a salesperson
  - - - any work done in the course of business for a client or any work done for or in expectation of any fee for a client
    - - Rule 1: Don't be stupid and pretend to work as a estate agent/Salesperson without a license
        
        PUNISHMENT: fine not exceeding $75,000, or to imprisonment for a term not exceeding 3 years or to both