Chapter 10: Listing Agreements

Question 1

a study intended to assist an owner in establishing a listing price for a property

Answer 1

comparative market analysis (CMA)

Question 2

a listing contract under which the owners appoint a real estate broker as their exclusive agent for a designated period of time to sell the property, on their stated terms, for a commission. The owners reserve the right to sell on their own without paying anyone a commission

Answer 2

exclusive-agency listing

Question 3

a listing contract under which the owner appoints a real estate broker as his or her exclusive agent for a designated period of time, to sell the property on the owners stated terms, and agrees to pay the broker a commission when the property is sold, whether by the broker, the owner, or another broker

Answer 3

exclusive-right-to-sell listing

Question 4

an organization in which brokers share listings with each other

Answer 4

Multiple Listing Service (MLS)

Question 5

a listing based on the net price the seller will receive if the property is sold. Under this listing the broker is free to offer the property for sale at the highest price he or she can get to increase the commission. This type of listing is illegal in NJ

Answer 5

net listing

Question 6

a listing contract under which the brokers commission is contingent upon the brokers producing a ready, willing, and able buyer before the property is sold by the owner or another broker

Answer 6

open listing