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  • From: Gene GeRue <genegerue AT ruralize.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Real Estate Question
  • Date: Sun, 01 Oct 2006 09:44:56 -0500


I'm not sure how much of this is law, professional
ethics or the standards attached to the term Realtor,
but practice is that once you have talked to an agent
you don't go to another.

Don't we wish! I cannot count how many people picked my brain about a given property, neighborhood, and financing, and then brought in an offer written by their incompetent friend who had a real estate license but not for his day job.

I've had this happen in Missouri and Arizona. When
one of the kids called the listing agent without
thinking. In AZ our agent called the listing agent to
get his permission before we went any further. In Mo.
our agent here wouldn't touch it so the kids had to go
with the listing agent.

You happened to run into three very professional agents. Not the norm for an agent to give up a commission over quibbles about procuring cause. And in fact procuring cause is not as easy as the layperson thinks. I have chaired many arbitration hearings where we awarded the fee to the agent who got the deal done, not the agent who chatted up the prospect. One of the sayings among Realtors is, "Get the ink, get the money."

If my agent represents me; he and the buyers agent
split the commission. If I have talked to the buyers
agent he is not obliged to share the commission.

This is not clear. Who is the "he" in the second sentence?

If you are the seller you can talk to any agent you choose. The commission is earned and disbursed according to the terms of the listing and the amount of commission share offered by the listing broker when the listing is placed on the MLS. In Maricopa County, this is done very clearly, typically not showing the full percentage of the commission, but, with a 2 or a 3, showing how much the buyers broker will receive.

I think this is state law, I know it is custom, and
required of anyone who uses the term "Realtor"
Realtor is a trade group and if an agent wants to use
that title and use multi-listing he is required to
follow their rules.

The National Association of Realtors does not set commissions, nor do they suggest splits, nor does the MLS. The local boards and the MLS may very well require that commission splits offered by the listing broker be stated on the published listing.

The primary purpose of the Realtor designation is to show adherence to the strict Code of Ethics of the NAR.

Here in Mo I could not choose to pay my
agent if the sellers would not split, he tells me is
not legally permitted to accept a consultant fee.

That is most curious.

Here is the Missouri Broker Disclosure Statement. It allows dual agency and also for principals to have individual representation. Note that under the heading: Other Agency Relationships, one option is Buyer's Limited Agent.
http://www.seerealestate.com/missouri_broker_disclosure_form.htm






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