Chapter 6 - Brokerage Agreements Flashcards
What are the different types of Listing agreements? (5 types)
-Exclusive Right-to-Sell Listing Agreement
-Exclusive-Agency Listing Agreement
-Open Listing Agreement
-Net Listing
-Option Listing
What is an Exclusive Right to sell Listing Agreement?
One broker is appointed as the Seller’s sole Agent. The listing broker is giving the exclusive right or authorization to market the seller’s property.
What is an Exclusive-Agency Listing Agreement?
one broker is exclusive to the seller, but seller retains the right to seller the property without financial obligation to the listing broker.
What is an Open Listing Agreement?
-Multiple Brokers
-Only the Selling Broker receive payment
-Seller Retains the right to sell independently
What is Option Listing?
The broker has the right to purchase the property.
What is a Net listing?
The broker is free to offer the property at any price greater than the net amount the seller wants; the difference is the broker’s fee.
What is MLS?
Multiple listing Service
is a marketing organization whose members make their listings available for showing and sale through all the other member licenses.
What are the 3 buyer agreements?
-Exclusive buyer agency agreement
-Exclusive-agency buyer agency agreement
-Open buyer agency agreement
The buyer is legally bound to compensate the broker whenever the buyer purchases a property of the type described in the contract.
Exclusive buyer agency agreement
What buyer agreement is where -Brokers are only entitled to payment if they locate the property the buyer ultimately purchases?
Exclusive-agency buyer agency agreement
What buyer agreement is where is nonexclusive and buyer can enter into unlimited number of brokers when the buyer is only obligated to compensate for payment if broker locates the property?
Open Buyer Agency Agreement
(Pricing the property)
What is CMA?
Comparative Market Analysis
What is CMA based on?
-Recently closed properties
-Properties currently on the market
-Properties that did not sell
