PA 2024-2026 Core - Agency Relationships

The law of agency exists to ensure agents are held accountable for their actions when working on behalf of others in real estate transactions along with other unethical practices. The law requires that agents disclose their agency relationship with all parties involved, make sure all paperwork is accurate, and act in the best interest of their clients and fairly towards customers. By having these regulations in place, it ensures that the real estate industry remains competitive and fair for everyone involved.

By now, you've probably heard of the Sitzer-Burnett case. This federal class-action lawsuit out of Missouri revolved around residential real estate commission rates, which the plaintiffs alleged led to unacceptably high payouts for buyer brokers at the expense of home sellers. In 2023, the court agreed. The following year, the plaintiffs, the National Association of REALTORS®, and other parties in the case reached settlement terms that will have significant effects on the ways real estate professionals across the country do their jobs.

This three-hour mandatory course meets the Pennsylvania Real Estate Commission's requirements for the 2024-2026 Core course on Agency Relationships.

Course highlights include:

• Legal and ethical responsibilities of listing agents, buyer's agents, rental listing agents, and leasing agents
• Commonly used contracts and agreements, including listing agreements and buyer/broker agreements
• Dual agency, designated dual agency¸ and the differences between the two
• Delivering Consumer Notice and course of action when it’s refused
• Pre-qualification of buyers
• Terms of the settlement in the Sitzer-Burnett class-action case.
• Practice changes affecting seller and buyer agreements following the NAR Settlement.
• Negotiating broker compensation following the NAR Settlement.
• Activities and examples to seal in the new information and frame it in everyday context