Chapter 12: Listing Agreements Flashcards
To be valid, a listing agreement…
May be oral or written
The type of listing that assures a broker of compensation for procuring a customer, regardless of the procuring party, is a(n)…
Exclusive right to sell agreement
An owner agrees to pay a broker for procuring a tenant unless it is the owner who finds a tenant. This is an example of a(n)…
Exclusive agency agreement
A landlord promises to compensate a broker for procuring a tenant, provided the broker is the procuring cause. This is an example of a(n)…
Open listing
A property owner agrees to pay a broker a commission, provided the owner receives a minimum amount of proceeds from the sale of closing. This is an example of a(n)…
Net listing
The most significant difference between an owner representation agreement in a buyer representation agreement is…
The client
A multiple listing authorization gives a broker what authority?
To list the owner’s property in a multiple listing service
A broker is hired to procure a customer for a client. In order to earn compensation, the agent must procure a customer who…
Is ready, willing, and able to transact
One of the most important actions an owner’s agent is authorized to perform under an exclusive listing agreement is…
Showing the property
An agent’s performance of due diligence concerning a listing can best be described as…
Ascertaining the facts about the client and the property at the onset of the listing.
The amount of a real estate broker’s commission is…
Established through negotiation with clients
A client suddenly decides to revoke an exclusive right to sell listing midway through the listing term. The reason stated: the client did not like the agent. In this case,…
The client may be liable for a commission and marketing expenses
A “protection period” clause in an exclusive listing provides that…
The agent has a claim to a commission if the owner sells or leases to a party within a certain time following the listing’s expiration
