1. Brokerage - Definition
    1. For Consideration, Sells, Rents, Exchanges, Negotiate Financing and Options
  2. Law of Agency
    1. Single Agency - Agent of Buyer or Seller
    2. Dual Agency - Agent of Buyer and Seller
  3. Creation of Agency
    1. Oral vs Written Agency
    2. Expressed vs Implied Authority
  4. Types of Listing
    1. Open Listing
    2. Exclusive Office Listing
    3. Exclusive Right to Sell
    4. Multiple Listing
    5. Net Listing
  5. Duties of an Agent
    1. Fiduciary Relationship - Agent to Principal
    2. Represent Buyer and Seller with Knowledge of Each
    3. No Personal Interest Without Disclosure
    4. No Co-mingling of Funds
    5. Agent - Sub Agent / Co-Broke
  6. Termination of Agency
    1. Completion of Objective - Sold
    2. Expiration of Time Limit
    3. Mutual Consent
    4. Revocation of Either Party - Damages
    5. Death of Party
    6. Destruction of Subject
    7. Bankruptcy
  7. Commissions
    1. First Obtain Listing to Collect
    2. Agreement of Parties - Usually Seller and Broker
    3. Procuring Cause - Ready, Willing and Able Buyer
    4. Tristram's Landing vs Wait
  8. Broker vs Salesman
    1. Salesman Recourse to Broker not Principal
  9. Realtor - Definition Plus
  10. Commission Splits
    1. ex. Typical Co-Broke Splits
    2. ex. Typical Listing, Selling and Office Splits
  11. Office Management
    1. Financial Planning & Control/Personnel
    2. Real Estate in 80's & 90's
    3. Growth of National Company's
    4. Role of Computers in Real Estate Brokerage
  12. Sherman Anti-Trust Act 1978
    1. Four Common Violations
      1. Price fixing discussion of commissions with competitors
      2. Group Boycott 2 or more competitors boycott a non competitor
      3. Dividing the Market - division based on geography, race or any other criteria
      4. Contingent Sales - making the sale of a product or service contingent on consumers purchase of another product of service
    2. Penalties
      1. Corporations - up to $1 million per offense
      2. Individuals - up to $100,000 plus 3 yrs. imprisonment per offense
      3. Civil Penalties - Triple Damages plus attorneys fees plus court costs