(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.
Authority
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).
Source
The provisions of this § 35.332 adopted February 24, 1989, effective February 25, 1989, 19 Pa.B. 781; amended March 29, 2002, effective March 30, 2002, 32 Pa.B. 1644. Immediately preceding text appears at serial pages (201876) to (201878).