Listing agents have an ethical duty to look after the seller’s best interests.
Ensure that sellers understand that cooperative compensation should meet the seller’s goals of selling timely and at desired terms while mitigating risks.
Sellers should give informed consent when cooperative compensation for BA, SA, TB is set in the SCR listing agreement (e.g., SCR220).
BA = Buyer Agency
SA = Subagent
TB = Transaction Brokerage
If the listing brokerage is making variable rate compensation on dual agency and designated agency transactions, ensure compliance with MLS and NAR variable rate compensation disclosure rules.
Posted by: Byron King on 09/09/20 (This information is only accurate as of 09/09/20. You must contact SCR for updates and changes to this information after 09/09/20 as laws and regulations may change over time. SCR 803-772-5206 or email Byron)