Chapter 11 - Listings Flashcards
What is a listing contract?
is a written agreement of employment with the property owner, whereby the owner lists his property for sale with the broker.
What is an oral listing?
is created when an owner orally authorizes a broker to sell or rent his property at a specified price, under specific terms and conditions, and for a stated commission. An oral listing is unenforceable and the broker may find he has rendered his services without compensation.
What is a net listing?
is one where the owner specifies a net price he wants for his property, and the amount over and above that price is the commission paid the selling broker for his services. This type of listing is prohibited in New Jersey.
What is an open listing?
not only allows the seller to list the property with more than one broker, but also allows him the privilege of selling the property himself (unless he specifically agrees not to do so), without being liable to anyone for a commission.
What is an exclusive agency listing?
is a written agreement that gives one broker only the right to sell a property for a specified time, but gives the owner the right to sell the property himself without owing a commission. The listing broker is entitled to a commission if they sell the property or if it is sold by anyone who is not the owner.
What is an exclusive right to sell listing?
This type of listing not only makes the broker the sole and exclusive agent for the seller for definite time, but also assures the named broker that he will receive a commission even if the landowner sells the property himself.
