Ch 25 Operating under a buyer's listing

Question 1

Exclusive right to buy listing agreement

Answer 1

A written employment agreement by broker any prospective buyer of real estate employing and titling the broker to a fee one property is purchased during the listing period

Question 2

Real estate and property (REO)

Answer 2

Property acquired by a mortgage holder through foreclosure.

Question 3

Bilateral employment agreement

Answer 3

A written exclusive employment agreement of obligating the broker to exercise due diligence to the fill the clients real estate objectives in exchange for the promise to pay fee under various circumstances.

Question 4

Unilateral employment agreement

Answer 4

And oral or written employment agreement Obligating the broker to use their best efforts to for fill the clients real estate goals without imposing a due diligence duty on the broker and tell a match is located, commonly called an open listing

Question 5

Safety clause

Answer 5

A provision in an exclusive listing agreement earning the broker a fee during an agreed safety period After expiration of them ploy Ment for marketing efforts with identified buyers, tenants or property, if the client sells a listed property to an identified buyer or purchases or leases and identified property during the safety period