11 - Listing Agreements Flashcards
An employment contract between a seller or landlord and the broker.
Listing Agreement
Gives the seller the right to list the property with multiple competing brokers and to sell the property personally, without liability for payment of a commission.
Open Listing
The seller agrees to list the property with only one broker during the listing term, with the provision that the seller can sell the property independently, without paying a commission.
Exclusive agency
Guaranteed commission even if the owners sell the property.
Brokers are more willing to spend advertising dollars with this agreement.
exclusive right to sell
The seller establishes a minimum net amount for his/her proceeds at closing. The real estate broker’s commission is the difference between the minimum net established by the seller and the sellers actual net.
net listing
MLS
a platform where member firms of the MLS share their listings, which increases the inventory of properties for sale among member brokers.
multiple listing service
CMA
Analysis collected from the MLS data to show a seller the market value of their property.
Rule of thumb is 3 each of, recently sold, recently listed, and recently expired properties that are similar to the subject property the agent desires to list.
comparative market analysis
BPO
A brokers written opinion of value.
Most often requested by an attorney, relocation company or by a lender working on a short sale.
broker’s price opinion
The individual who, through a serious of uninterrupted activities or actions, brought about the completion of a contract.
procuring cause of sale
DTPA
An act used to protect consumers against false, misleading, and deceptive business practices, unconscionable actions, and breaches of warranty and to provide efficient and economical procedures to secure such protection.
Deceptive Trade Practices Act
Marketing that uses adjectives and opinions rather than details or facts.
ex: “the most beautiful landscaping!”
puffing
Fungi that can be found both indoors and outdoors.
The removal of mold is called remediation.
Texas law requires the seller of a property to provide the buyer with copies of all certificates of mold remediation recieved for the property during 5 years preceding the sale.
mold
a property where there has been a murder or alleged haunting.
Stigmatized