Ch 24 - Listings As Employment

Question 1

Listing agreement

Answer 1

A written employment agreement used by brokers and agents when an owner, buyer, tenant or lender retains a broker to render real estate transactional services as the agent of the client.

Question 2

Employment relationship

Answer 2

The scope of activities the broker and the broker’s agents are to undertake in the employment of a client.

Question 3

Agency relationship

Answer 3

The scope of activities imposed on the broker by law as arising out of the representation authorized by the employment.

Question 4

Fiduciary duty

Answer 4

That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over there principle by the slightest misrepresentation, concealment, Durres or undue influence.

Question 5

Exclusive right – to-sell listing

Answer 5

And agreement employing A broker to act as an agent for the seller of real property in which the seller promises to pay the broker FB the property is sold during the period of the employment, whether by the broker, through another broker or by the efforts of the owner.

Question 6

Open listing

Answer 6

An employment entered into by a broker to render real estate services are the best – effort spaces under which a fee is due to the broker if they achieve the clients objective of the employment before the client or another broker separately first meet be objective, such as the sale are locating of a property.

Question 7

Full listing offer

Answer 7

Hey buyers are tenants offered to buy or lease on term substantially identical to the employment terms in the owner’s listing agreement with the broker.

Question 8

Net listing

Answer 8

A type of listing in which the agency fee is set as awesome as received exceeding that price established by the owner.

Question 9

Option listing

Answer 9

A variation of the exclusive right-to- sell listing in which the seller grants the broker an option to buy the property at a predetermined price, if the property does not sell during the listing Period.

Question 10

Guaranteed sale listing

Answer 10

Hey variation of the exclusive right to sell listing in which the broker agrees to buy the property if the property does not sell during the listing period.