October 20, 2022
Presented by Gail A. Anderson
1. Photo copyrights belong to whoever took the photo. Unless the photographer gives the seller agent rights in the photographs, the seller and agent have no right to give anyone else the right to use a photo of the seller’s home.
2. Many independent contractor agreements (including the MR form) include a provision whereby the salesperson agrees that all photos (and other copyrightable elements of a listing) submitted by the salesperson, belong to the broker.
3. Listing agents must deliver additional offers (after a binding PA is in place) unless they receive a written waiver from the seller. If you use the GLAR Form make sure this is addressed.
4. Best practice: NEVER tell a seller they don’t have to disclose something.
5. The term “highest and best” is a subjective term. An offer may be accepted that is not the highest dollar amount even if they have “called for highest and best.”
6. Terms of an offer are not confidential information, but REALTORS® do have a duty of loyalty to their clients.
7. There is no regulation placed on a seller regarding what they do with an offer.
8. An “informational only” inspection means that the buyer is agreeing to buy the property regardless of what the inspection uncovers. If a buyer “walks” based on the discovery of a major defect, the buyer will be in breach of contract and liable to the seller for damages.
9. An offer or counteroffer can be revoked at any time before it’s accepted. This is true even if the offer contains a stated expiration date.
10. Agents cannot receive a referral fee in exchange for the referral of settlement services.