Overview
These agreements are used by buyers, sellers, tenants, and landlords to hire a broker.
What are real estate representation agreements?
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This is the most common type of listing agreement in Maryland
What is an exclusive right-to-sell listing?
This agreement authorizes a broker to represent a buyer in locating property.
What is a buyer agency agreement?
Maryland law requires disclosure of known defects affecting this.
What is the value or desirability of a property?
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This ends a representation agreement automatically at the stated date.
What is expiration?
Maryland requires this disclosure statement in most residential transactions.
What is the residential property disclosure and disclaimer statement?
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In this listing type, the seller may sell independently without paying commission.
What is an exclusive agency listing?
In this agreement, the buyer agrees to work exclusively with one broker.
What is an exclusive buyer representation agreement?
Failure to disclose known defects may result in this legal claim.
What is misrepresentation?
Mutual agreement of the parties to end a contract is called this.
What is recission?
This must be disclosed by licensees if it could affect a party’s decision.
What are material facts?
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✨DOUBLE JEOPARDY✨
This listing allows multiple brokers to compete for a commission.
What is an open listing?
This must be explained to buyers regarding how their broker is paid.
What is compensation?
In regards to the Disclosure/Disclaimer statement, this could be lost if a buyer completes their loan application prior to submitting an offer
What is their right of rescission?
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If a seller defaults after a ready, willing, and able buyer is produced, the broker may still claim this.
What is the commission?
Compensation agreements between brokers must be addressed in this written document.
What is representation agreement?
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A listing agreement must include this type of date to comply with Maryland law.
What is the termination date?
This form must be signed by the buyer and seller before a licensee can show a buyer client one of their firms listings
What is consent for dual agency form?
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Requires that licensees make reasonable efforts to discover all material facts about each property they list
What is the Commissions code of Ethics?
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A broker must deposit earnest money into this type of account.
What is an escrow account?
Cooperation between brokers is commonly facilitated through this system.
What is the multiple listing service (MLS)?
A broker earns commission when producing this type of buyer.
What is a ready willing and able buyer?
Copies of documents, creating buyer representation should be kept for this amount of time
What is 5 years?
Must always be noted within the Disclosure and Disclaimer Statement, regardless of whether the seller is disclosing or disclaiming.
What is latent defects?
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This type of residential listing agreement is illegal for a broker to use in Maryland.
What is a net listing?