(Ch. 11) Vocab (Listing)

Question 1

An agent’s compensation for performance of the duties of his agency; in real estate practice, a percentage of the selling price of property, or percentage of rentals, etc. (11-147)

Answer 1

Commission

Question 2

A written instrument giving one agent the right to sell property for a specific time, but reserving the right of the owner to sell the property himself without the payment of a commission (11-147)

Answer 2

Exclusive Agency Listing

Question 3

An arrangement among brokers whereby they share their listings. (11-148)

Answer 3

Multiple Listing Service (MLS)

Question 4

A written agreement between owner and agent giving the agent the right to collect a commission if the property is sold by anyone during the term of the agreement. (11-147)

Answer 4

Exclusive Right to Sell Listing

Question 5

A listing that provides that the agent may retain all sums received over and above a net price to the owner as compensation for his services. A prohibitive practice in New Jersey (11-148)

Answer 5

Net Listing

Question 6

A listing given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing. (11-147)

Answer 6

Open Listing