Facts for Gold Coast Agent

pdf

School

Pepperdine University *

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Course

442

Subject

Economics

Date

Feb 20, 2024

Type

pdf

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Uploaded by PrivateFerretMaster971

A COMMISSION DISPUTE Facts for Gold Coast Agent You have been one of Gold Coast Real Estate’s agents for nearly ten years and have received multiple accolades for your ability to attract customers and generate revenue. Recently a client walked in Gold Coast’s office without an appointment and was assigned to you. You interviewed her for about thirty minutes and escorted her through numerous houses close to Gold Coast’s office that you thought might meet her needs. She was very enthusiastic about one house in particular and stated she wanted to see it again with her fiancé. You made an appointment with and met her and her fiancé at the house the following day. Her fiancé also loved the house and wanted to bring his parents by to see it. Two days later, you met the client, her fiancé, and her fiancé’s parents at the house. They spent an hour walking through the house, discussing the neighborhood and discussing financing options. You suggested they arrange with a lender and prequalify for a mortgage, which the client and her fiancé did. Things were moving quickly and well during this week. The client was going out of town and let you know that upon her return she wanted to make an offer on the house. You marked her return date on your calendar. You waited a few days and then called her. She said they were still discussing the details of the house. Her fiancé was a little nervous with the upcoming wedding and the house purchase. She asked for a little time and told you she would call you when things calmed down. She thanked you for your understanding and again expressed interest in the house. She then seemingly disappeared into thin air. About three months later, you heard from the broker in your office who had the listing that the house you had shown your client had sold. You asked who the buyers were and you were told that your client and her fiancé had purchased it. You believe you are entitled to 100% of the buyer’s agent commission, approximately $12,000 in this situation. You are currently experiencing significant personal financial pressures and need $4000 by next Friday. A quick settlement of this claim is the only foreseeable source of such money, so you are willing to resolve your claim for less than the $12,000 commission if payment can be provided immediately. Whatever you recover would normally be divided evenly with your supervising broker, but you have a commitment from your broker to settle for 33% if you can get a quick settlement since there was no work or liability involved. Thus, you are willing to settle for $6000 (netting $4000 to you) but would like to get as much as possible. You are about to seek to resolve this matter through a board sponsored mediation with the agent who received the commission. You will first demand the full $12,000—but you are willing to accept $6000 if you can receive the money immediately. © 1995, Peter Robinson, Straus Institute for Dispute Resolution, Pepperdine University. All rights reserved. 2 of 3

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