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LISTINGS

he authority to perform services for a seller is usually given to the real estate broker by means of a listing contract. This is an employment agreement between the seller and the listing broker to market the house. In Oklahoma a listing to perform services as a Transaction broker may be either written or oral. While an oral listing is legal, it is difficult to enforce. As such, the use of oral listings is not recommended. All listings should be in writing. Under the Brokerage Relationships Act, listings to perform services as a Single Party broker must be in writing by law. All listings should be signed by both the owner and the broker and copies given both parties. Such procedures will help avoid possible misunderstandings in the future.

Unless a broker has a listing contract, oral or written, to support a claim of employment, he or she is not entitled to compensation. It is not enough to procure a sale. A broker also needs an agreement to be paid.

The law will not assist “volunteers" in their claim of employment.

KEYPOINT

“Broker” often means “Real Estate Company”

Often when the term “Broker” is used it really means “Real Estate Company” for example consider the above sentence.

Unless a broker (real estate company) has a listing contract, oral or written, to support a claim of employment, the broker (company) is not entitled to compensation.

Claims may arise out of the situation wherein two persons, having been introduced by the broker, at some later date consummate a deal for which the broker tries to collect a commission. Unless there were words or conduct on the part of the owner from which an

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