Real Estate Agency / Brokerage

The definitions of broker and salesperson are the key to how closely the commission can regulate the industry. Any attempt to circumvent the relationship as a consultant or otherwise will be illegal, because you have to be license by LASRERA in Lagos State and it will be the same in other Nigeria states very soon.

A “real estate broker” means a person who, for another person with acceptance for a fee, commission, or other valuable consideration, or with the intention or in the expectation or on the promise of receiving or collecting a fee, commission, or other valuable consideration from another person.

1. Sells, exchanges, purchases, rents, or leases real estate.
2. Offers to sell, exchange, purchase, rent, or lease real estate.
3. Negotiates or attempts to negotiate the listing, sale, exchange, purchase, rental, or leasing of real estate.
4. Lists or offers or attempts or agrees to list real estate, sale, rental, lease, exchange, or trade.
5. Appraises or offers or attempts or agrees to appraise real estate.
6. Auctions or offers or attempts or agrees to auction real estate.
7. Buys or sells or offers to buy or sell or otherwise deals in options on real estate.
8. Aids, attempts, or offers to aid in locating or obtaining for purchase, rent, or lease any real estate.
9. Procures or assists in the procuring of prospects for the purpose of affecting the sale, exchange, lease, or rental of real estate.
10. Procures or assists in the procuring of properties for the purpose of affecting the sale, exchange, lease, or rental of real estate.

Real Estate Broker also includes a person employed by or on behalf of the owner or owners of lots or other parcels of real estate, at a salary, fee, commission, or any other valuable consideration, to sell the real estate or any part of it thereof, in lots or parcels or other disposition thereof. It also includes a person who engages in the business of charging an advance fee or contracting for collection of a fee in connection with a contract whereby the undertakes primarily to promote the sale of real estate either through listing in a publication issued primarily for such purpose, or for referral of information concerning the real estate brokers, or both

Real Estate Person or Salesman means a person associated with real estate broker at a brokerage office for the purpose of performing acts or transactions comprehended by definition of “Real Estate Broker. A residential real estate locator must be under the brokerage office and a broker. No real estate salespersons can accept compensation for real estate sales and transactions from any person other than the broker of the brokerage office.