Ch. 11 Flashcards
Comparative Market Analysis (CMA)
A comparison of the prices of recently sold homes that are similar to a listing seller’s home in terms of location, style, and amenities.
Exclusive Agency Listing
A listing contract under which the owner appoints a real estate professional as the exclusive agent for a designated period of time to sell the specified property, on the owner’s stated terms, for a commission. The owner reserves the right to sell the property without paying anyone a commission if the sale is to a prospect who has not been introduced or claimed by the real estate professional.
Exclusive Buyer Representation Agreement
Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer client.
Exclusive Right-to-Sell Listing
A listing contract under which the owner appoints a real estate professional as the exclusive agent for a designated period of time to sell the specified property on the owner’s stated terms and agrees to pay the real estate professional a commission when the property is sold, whether by the real estate professional, the owner, or another real estate professional.
Net Listing
A listing based on the net price the seller will receive if the property is sold. Under a net listing, the real estate professional can offer the property for sale at the highest price of obtainable to increase the commission. This type of listing is illegal in Maryland.
Open Listing
A listing contract under which the real estate professional’s compensation is contingent on the real estate professional producing a ready, willing, and able buyer before the property is sold by the seller or another real estate professional.
