Pennsylvania Code
Title 49 - PROFESSIONAL AND VOCATIONAL STANDARDS
Part I - DEPARTMENT OF STATE
Subpart A - PROFESSIONAL AND OCCUPATIONAL AFFAIRS
Chapter 35 - STATE REAL ESTATE COMMISSION
Subchapter E - STANDARDS OF CONDUCT AND PRACTICE
REAL ESTATE DOCUMENTS
Section 35.332 - Exclusive listing agreements

Universal Citation: 49 PA Code ยง 35.332

Current through Register Vol. 54, No. 44, November 2, 2024

(a) An exclusive listing agreement may comprise one of the following:

(1) The exclusive agency of the broker.

(2) The exclusive right-to-sell or exclusive right-to-lease.

(b) An exclusive listing agreement shall contain, in addition to the requirements in § 35.331 (relating to written agreements generally), the following:

(1) The sale or lease price.

(2) The commission, fees or other compensation expected on the sale or lease price.

(3) The duration of the agreement.

(4) In the case of an exclusive right-to-sell agreement, a statement in bold face type that the broker earns a commission on the sale of the property during the listing period by whomever made, including the owner.

(5) In the case of an exclusive right-to-lease agreement, a statement in bold print that the broker earns a commission on the lease of the property during the listing period by whomever made, including the lessor.

(c) An exclusive listing agreement may not contain:

(1) A listing period exceeding 1 year.

(2) An automatic renewal clause.

(3) A cancellation notice to terminate the agreement at the end of the listing period set forth in the agreement.

(4) Authority of the broker to execute a signed agreement of sale or lease for the owner or lessor.

(5) An option by the broker to purchase the listed property.

(6) Authority of the broker to confess judgment against the owner or lessor for the Commission in the event of a sale or lease.

The provisions of this §35.332 issued under the Real Estate Licensing and Registration Act (63 P. S. §§ 455.101-455.902); amended under sections 404, 606-606.6 and 608-608.3 of the Real Estate Licensing and Registration Act (63 P. S. §§ 455.404, 455.606-455.606f and 455.608-455.608c).

Disclaimer: These regulations may not be the most recent version. Pennsylvania may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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