Definitions
Specifies that the seller will receive a net amount of money from any sale, with the excess going to the listing broker as commission
What is a Net Listing?
(Unit 10, pg 161)
This listing gives the broker the right to earn a commission no matter who finds the buyer.
What is an exclusive right-to-sell listing?
(Pg 160)
This agreement authorizes a broker to represent a buyer in locating property.
What is a buyer representation agreement?
Pg 177
In this listing type, the seller may sell the property independently without owing a commission.
What is an exclusive agency listing?
Pg. 161
This type of representation may work if the buyer is considering a purchase in more than one geographic area.
What is a non-exclusive representation?
Pg. 177
This analysis should be prepared to discuss the range of value in which the property is likely to fall, as well as the charges that will affect the amount that the seller will receive
What is the comparative/competitive market analysis? (CMA)
(Unit 10, pg 163)
In this listing, the seller retains the right to sell the property without paying a commission.
What is an exclusive agency listing?
(Pg 161)
In this type of agreement, the buyer must work exclusively with one broker.
What is an exclusive buyer agency agreement?
A broker earns compensation when producing this type of purchaser under the listing terms.
What is a ready, willing, and able buyer?
Pg. 184
Maybe required at the time a buyer agreement is signed to cover initial expenses and applied as a credit towards any fees due at closing
What is a retainer fee?
Pg 177
Agreement between buyer and broker that states that the buyer works with only one broker.
What is exclusive buyer representation agreement?
(Unit 10, pg 177)
This type of listing allows multiple brokers to compete for the sale and only the procuring cause earns the commission.
What is an open listing?
(Pg 161)
This concept determines which broker is entitled to commission.
What is procuring cause?
This allows the seller to retain the right to employ any number of brokers as agents.
What is an open listing?
Pg. 161
This obligation of real estate requires broker to be fair with the seller, but responsible to buyer, including duty of skill and care to promote and safeguard buyers best interests
What is general responsibilities?
Pg 183
A sales associate is also ___________ of the broker and can carry out listing services only in the name of an under the supervision of the broker.
What is a general agent?
(Unit 10, pg
This clause protects the broker’s commission if a buyer introduced during the listing purchases after expiration.
What is the broker protection clause?
Pg 175
This clause outlines how the buyer broker will be compensated if the seller does not offer compensation.
What is a buyer broker compensation agreement?
This type of sale must be approved by a third party/current lien holder and allows the property to sell for less than what is owed on it.
What is a short sale?
Pg 173
This obligation of real estate broker to buyer requires buyer broker/agent to negotiate and bargain in buyers best interests
What is negotiation?
✨DOUBLE JEOPARDY✨
Preserves a brokers right to compensation if, within a certain number of days after the listing agreement expires, the owner transfers, the property to a purchaser who was brought to the seller by the listing broker.
What is the broker protection clause?
(Unit 10, pg 184)
A listing agreement must contain this specific ending date to be enforceable and cannot be longer than a year.
What is a definite termination date?
If a buyer purchases property during the agreement term through another broker, the original broker may still claim this.
What is the commission?
May be offered if the seller and the broker agree to hold each other harmless for any incorrect information supplied by one to the other, regardless of whether the inaccuracies are intentional or unintentional.
What is indemnification (hold harmless) wording?
This does not determine the relationship of the parties and compensation is always negotiable
What is the source of compensation?
Pg 185