4 Employment agreements

Question 0

Listing Agreement

Answer 0

An agreement between the seller and the listing broker.

Question 1

Employment Agreement

Answer 1

A real estate employment agreement means a written agreement by which a real estate broker is entitled to compensation for services rendered.

Question 2

Types of Listing Agreements

Answer 2

1. Exclusive right to sell: broker entitled to commission no matter who sells.
2. Exclusive agency: owner reserves right to sell
3. Open listing: seller hiring more than 1 broker. Not seen much.
4. Net listing: seller states amount received from sale, anything extra is brokers.

Question 3

CMA

Answer 3

Competitive Market Analysis. Comps used to determine an estimate sales price.

Question 4

Market Value

Answer 4

What a buyer is willing to pay and what a seller is willing to accept.

Question 5

Ready, willing and able Buyer

Answer 5

A buyer who is ready to act on the terms of the listing agreement.

Question 6

Broker Protection Clause

Answer 6

Provides payment to the broker when the listing expires.

Question 7

Buyer/Broker Agreement

Answer 7

Just like a listing agreement, but is between the broker and the buyer. The buyer agrees to exclusively work with that broker. Must be present for first visit to homes and new builds, or buyer is liable to pay commission to broker.