Commercial real estate sales Flashcards
(3 cards)
1
Q
What is the Commercial Real Estate Sales Commission Lien Act?
A
It gives brokers lien rights on commercial property for nonpayment of earned commission
2
Q
For commercial real estate, what is the lien against?
A
The lien is against the owner’s net proceeds from the sale (personal property) and does not attach to the real property
3
Q
Does the broker need to declare the lien rights at the time of executing the listing agreement?
A
Yes
