Ch10: Client Representation Agreements

Question 1

Listing Agreement

Answer 1

employment contract rather than a real estate contract
required to be in writing in Co
between principal + brokerage

Question 2

Exclusive Right to Sell- Listing Broker

Answer 2

brokerage and agent responsible for marketing property

seller agrees to pay the brokerage a commission if property sells within time listing agreement is in effect

Question 3

Exclusive Agency Listing

Answer 3

exclusive agent is authorized to act as the agent for seller but seller retains right to sell the home on their own without obligation to broker
need Exclusive Right to Sell and Exclusive Agency Listing Addendum

Question 4

Open Listing

Answer 4

seller retains right to employ any number of brokers as agents, including selling home on their own
need Exclusive right to sell and Open Listing Addendum

Question 5

Net Listing

Answer 5

Seller receives a net amount of money from the sale and any surplus made on transaction is commission to broker
can be considered conflict of interest

Question 6

Terminating Listing Agreement

Answer 6

listing agreement is personal services agreement between seller and broker which can be terminated because: Property sells and Closes
Listing agreement expires
Mutual agreement of seller and broker

Question 7

Listing Process for Seller

Answer 7

See notes

Question 8

Listing Process for Buyer

Answer 8

See notes