We have to reiterate that being licensed or unlicensed does not matter any more in the light of the regulatory changes. In exchange, the owner undertakes to pay a compensation for their services, an emolument commonly known as commission. The particularity of this agreement is that a prospective purchaser is automatically bound by an offer made for a property, and the owner of the property is entitled to compel the purchaser to perform the deal. It is not commonly used by Real Estate Agents, since a purchaser may not be aware that withdrawing from the purchase may not only entitle the owner to keep the deposit or offer reservation sum but to sue for performance. However, the signing of such document with the mentioned authority entitles the Real Estate Agent to its commission regardless of the purchase being effectively completed before a Notary Public, unless otherwise agreed between the Real Estate Agent and owner.
Buyer pays a reservation sum to the agency without an express mandate to sell from the vendor.
This is the case where the Real Estate Agent's duty is to put together an offer by the purchaser for a property and the acceptance of that offer by the owner. This operation is widely used by Real Estate Agents and avoids many conflicts, being the real essence of the real estate intermediation business. In this situation, the buyer makes and offer for a property and subject to any condition which subsequently will have to be accepted by the owner in order to bind both parties. The offer made is of a revocable nature unless otherwise agreed. This means that a buyer who pays an amount of money to an Real Estate Agent in order to reserve a property can be unilaterally revoked by the buyer before the owner express of tacitly accepts the offer.