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Real Estate Practice Chapter 12 The Safety Clause Flashcards Safety PeriodAn agreed period commencing on expiration of a broker's employment during which a broker earns a fee under safety clause conditions Fee Sharing AgreementAn agreement, written or oral, between different brokerage operations to share fees earned on a transaction which are typically paid by the property owner.Procuring CauseA continuing series of negotiating activity performed by a broker or their agents during their employment by a client that, without break in continuity, results in a completed sale or purchase of property by the client.The safety clause period commences on:-the expiration of a listing agreement by its own terms-a seller's termination of the agency before the listing period expires-a seller's withdrawal of the property from the market before the listing period expires When a seller relists a property for sale with another broker on the expiration of a listing, a properly worded and
perfected safety clause:
Remains enforceable Safety ClauseA provision in an exclusive listing agreement earning the broker a fee during an agreed safety period after expiration of the employment for marketing efforts with identified buyers, tenants or property, if the client sells the listed property to an identified property during the safety period.Broker Cooperation ProvisionA clause in employment agreements entered into by brokers and their clients enabling brokers, when acting on behalf of their clients in a transaction, to share fees between themselves at the brokers' discretion.A broker earns a fee under the safety clause when:-property information is provided to prospective buyers during the listing period by the seller's agent-the seller is notified of the identification of the prospective buyers as soon as possible after termination of the listing-the property is acquired by a prospective buyer disclosed on the list as a result of negotiations conducted during the safety period
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