Evening star. [volume] (Washington, D.C.) 1854-1972, 1886-01-16
THE REAL ESTATE BOARD.
New Onlcers and New Members-HOw
The Board Operates.

At the annual meeting of the board Of real
estate brokers, which has recently been orga-
nized in this city, the following officers were
elected for the ensuing year: r. G. Fox, presi-
dent; b. H.Warner, vice president; w. C. Duvall
secretary r. f. Bradley, treasurer. Execu-
tive committee. Thos E. Waggaman, NJ. NJ.
Parker, WIN. P. Young, Geo. w. Brown, r. G..
Rutherford. The following real estate firms
were, on application. elected to membership {:
Stevens, Lawrence & Co., Buchanan Beale, o. c.
Green. The membership IL now as follows !:
Fitch, Fox 4 Brown, B. H. Warner, VIM. p.
Young. Thos K. Waggaman, Parker 4 Town
n CO., L. n. saunders Bro James 81. Marr
w. c. Duvall, Tyler Rutherford, A. 8. Pratt &
Son, Stevens, Lawrence & Co., Buchanan Beale,
though only few months in existence, has q
fine Office at l106 F street, and has already
done considerable business. Its objects are
not In all cases clearly understood.
THE OPERATIONS OF THE BOARD.
In conversing with one Of the prominent
members on this subject, STAR reporter was
told
There has been a need in this city for some
time Of an exchange, where properties may be
be eifected quickly. Expsrience has s taught
agents that It is easier to fill their books with
properties than to secure purchasers. When
bers are privileged to sell, and the one who In
PRODUCES the buyer divides fees with the one
controlling s the premises OF course the broker
to enlist assistance which entails division of
fees; but it he appreciates the duty to his prin.
viii secure ~ the quickest sales In order to pro-.
tect the interests OF all concerned in a real es-
tate transaction, form Of authority to SELL
property can be posted in the board. The
owner gives his agent the exclusive right, for q
fixed period, to SELL his property (which is
to convey it by proper decd with covenants Of
special warranty and further assurance, and to
pay on the gross amount the established board
rates, viz: Ave per cent on the first 81 600 and
three per cent on all sums in excess OF that
amount; on sales of SIC, 600 and over, three per
agrees that If tie sale should fafl through his
fault or he made price different from that
specified, or after tile withdrawal Of the pro-
Instituted by the agent before such withdrawal,
the agent shall be paid the fee determined.
He further agrees that ii the title should prove
search to the amount OF not more than $25.
ARBITRATION INSTEAD OF THE COURTS.
at has occasionally happened" continued
the real estate man, "that where sale has
been made several agents have claimed pos.
ton OF the commission. In order to obviate
this trouble the board, through its bylaws,
has fully provided for such contingencies. With
a view 10 elevate the tone OF the business pre-
vent suits at law, and preserve harmony, 1t has
been determined tnat diae Ere or misupder-
party In interest to select member; these, ii
they cannot agree, TO choose o third, aud the
decision OF the majority to be final. A party
in search of u piece OF property OF a certain de-
scription may visit . dozen or more agents
without finding ii. Much time and trouble
may be saved him by member OF the board,
who receives each morning list Of all proper
ties for sole, wants, loans, and other desirable
Information gathered from memoranda LEFT by
members on the preceding day, and who can
supplied through that channel. It Is believed
that before long the sales of real estate at auc-
ton will be held at the rooms OF the board.
instead of-as has been the ume-honored Gus.
tom-"in front OF the premises" There would
be no pOstponement in the event OF bad
ing, etc, would be prevented. Amy person
legitimafely engaged In the business Of buying
aud selling real estate In the District OF Coiuna.
bia may be eligible to membership in this
board. The members seek, by activity and fair
dealing, to commend the board to all who are