Common Law licensees who practice only in commercial real estate (zero residential trades) are eligible for an exemption to the mandatory buyer brokerage agreement information session, because the information is specific to the practice of residential real estate. 

When a licensee decides to move to another brokerage, what happens to the sellers that they have been working with and their listings? Do they go with the licensee?

The licensee could continue to work with client on their listing, if the broker and client(s) agree in writing. This is simply because real estate agreements are between the client(s) and the brokerage, not the licensee themselves. This means the agreements remain with the brokerage unless the broker and client agree in writing to change the representation to another brokerage. This requirement is also the same with buyer clients who want to maintain their working relationship with a licensee who decides to move to a new brokerage; those agreements are also between the client and brokerage.

A competing offer situation, when a seller receives more than one written offer on a property, creates unique circumstances for consumers and it is important for both buyers and sellers to understand how they can handle these situation.

The Commission talks a lot about ensuring you have items in writing. While the term may seem straight forward, there are some important rules to remember.

We require all real estate agreements facilitated through licensees, including amendments, to be in writing. This application of “in writing” necessitates written terms and bona fide signatures of all parties. This includes agreements between consumers and agreements between consumers and brokerages.  

When buying real estate, the onus is on the buyer to ask questions if something is specifically important to them rather than relying on a licensee to anticipate their needs.