Marketing, Listing, and Buyer Representation Practice
Listing practice
A listing is a service agreement between the seller and the brokerage. Know the elements: list price, term, remuneration, and the authority to market. Understand the difference between an exclusive listing and a multiple listing service arrangement, and how cooperation with other brokerages is authorized. Marketing must be truthful and must not misrepresent the property; advertising rules require the brokerage name and licensed status to be clear.
Buyer representation
A buyer's service agreement establishes the buyer as a client. Understand the duties owed, the importance of a buyer's pre-approval, and the need to disclose known facts about the buyer or the property that could affect the transaction. Know the rules on referral fees, gifts, and undisclosed remuneration - all must be disclosed and consented to.
Advertising and conduct traps
Questions test whether a licensee may advertise a property without the seller's written authority (no), whether a "for sale by owner" may be advertised by a licensee without an agreement (no), and whether testimonials or "sold above asking" claims mislead. Another trap is the belief that a licensee may act for a buyer on a property listed by the same brokerage without agency disclosure.
Worked example
A licensee lists a home at $899,000. A comparable nearby sold at $850,000. The licensee may recommend a list price but must not promise a sale price or misstate market data. The recommendation should be supported by a written CMA showing adjustments.
Rule of thumb
If it is not in writing, it did not happen. Authority to market, agency relationships, and remuneration should all appear in a signed agreement.