Current through Register Vol. 54, No. 21, May 25, 2024
Section 35.332 - Exclusive listing agreements(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 adopted February 24, 1989, effective 2/25/1989, 19 Pa.B. 781; amended March 29, 2002, effective 3/30/2002, 32 Pa.B. 1644.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).