(1) As used in this part, unless the context otherwise requires:(1) “Agency contract” means a valid written contract authorizing a real estate licensee to act as a party's exclusive agent for the purchase, sale or lease of real estate;(2) “Agency relationship” means the relationship resulting from an agency contract; and(3) “Referral fee” means a commission or any other type of compensation for the referral of a potential buyer, seller, lessor or lessee of real estate.
(1) “Agency contract” means a valid written contract authorizing a real estate licensee to act as a party's exclusive agent for the purchase, sale or lease of real estate;
(2) “Agency relationship” means the relationship resulting from an agency contract; and
(3) “Referral fee” means a commission or any other type of compensation for the referral of a potential buyer, seller, lessor or lessee of real estate.