Utah Real Estate Commission Agreement

Unlimited access to information via WFRMLS is limited to brokers and agents; However, most of the same information is available to the public on many websites. Most people looking for a new home today use these sites to find information about available real estate, including price lists. By listing a home in MLS, FSBO sellers can maximize their exposure and the likelihood that their home will be found by a potential buyer. Today for sale by owner sellers can pay a small fee (often a few hundred dollars or less) for limited service with a broker list of their property on the MLS. These lists are called „Flat Fee“ or „ONLY MLS.“ In general, interested parties, including buyer`s representatives, will make a commitment to contact the seller directly for further information or to make an offer to purchase. As noted above, all MLS offers, including FSBO offers, must indicate compensation offered to a buyer`s agent. For sale by proprietary sellers, any commission or percentage they choose, but, unless a reasonable commission is offered, buying agents may be inclined to ignore the list. The Wasatch Front Regional Multiple Listing Service (WFRMLS), which serves most of Utah, is owned by various local brokerage associations. The National Association of Realtors and its local affiliates are professional associations that serve real estate agents and sellers, who have paid fees and become members of the association. In order to use WFRMLS, a broker must be a broker, pay a subscription fee and approve WFRMLS policies and procedures.

One of the requirements of each WFRMLS list is to indicate compensation to cooperating brokers who are also members of WFRMLS. In other words, the offer must indicate the distribution of commissions (often 3% of the purchase price – half of the 6% that the seller`s brokers usually charge) that a buyer`s broker is paid when his client buys the property. By using the WFRMLS, its members agree to pay the commission splits on the list. The Utah Listing Agreement is a legal document that defines the conditions under which a real estate agent is authorized to sell a property in the name of a real estate owner. The most common type of listing agreement is the exclusive agreement, which gives the broker a fixed deadline for the sale of the property as well as the exclusive sale order for that duration. If the seller enters into an open agreement, the property can be sold by a real estate agent who is entitled to a commission.