6 Listing Presentations And Listing Contracts Flashcards
Exclusive-Agency Listing
A listing agreement employing a broker as sole agent for a seller of real property under the terms of which the broker is entitled to compensation if the property is sold through any other broker, but not if a sale is negotiated by the owner without the services of an agent.
Exclusive-authorization-and-right-to-sell listing
A listing agreement employing a broker as agent for a seller of real property under the terms of which the broker is entitled to compensation if the listed property is sold during the duration of the listing, whether by the listing agent, another agent, or the owner acting without the services of an agent.
Net listing
A listing agreement providing that the agent may retain as compensation for services all sums received over and above a net price to the owner.
Open listing
- Non exclusive listing
- the nonexclusive right to secure a purchaser, given by a property owner to a real estate agent
- more than one agent may be given such authorization, and only the first to procure a ready, willing, and able buyer— or an offer acceptable to the seller— will be entitled to compensation.
Procuring cause
- The cause originating a series of events that lead directly to the intended objective
- in a real estate transaction, the procuring cause is the real estate agent who first procures a ready, willing, and able buyer
Safety clause
A clause that protects the broker’s commission when a sale is consummated after a listing expires to a buyer procured by the broker.
Short sale
A sale for less than is owed on a loan where the lender agrees to accept sale proceeds to extinguish the debt.
A valid must be in what? And must meet the 4 requirements of any contract?
- Must be in writing
- Competent parties
- Lawful object
- Proper offer and acceptance (mutual consent)
- Consideration
