Contract

An agreement between two or more persons or entities which creates or modifies a legal relationship. Cooperating Broker A real estate broker who registers a prospective buyer with the auction company, in accordance with the terms and conditions for that auction. The broker is paid a commission only if his prospect is the high bidder and successfully closes on the property. Also known as a participating broker. Critical Path Sequence of key tasks to be done by auction contractor or other designated parties on specified dates, leading to desired goals. Dual Agency The representation of opposing principals (buyers and seller) at the same time.