chapter 7 Flashcards
Exclusive Right to Sell Agreement
the broker has the exclusive right to market the property for a specified period of time.
exclusive agency
the right to market and sell a property for a specified time period, while the owner retains the right to find a buyer and sell the property without owing the broker a commission
open listing
authorizing a broker to serve as the agent for either the sale or the purchase of property. only the one broker who brings the ready, willing and able buyer to the seller or who finds the right property for a buyer will receive the commission.
exclusive buyer representation agreement
similar to an exclusive right to sell agreement and gives a broker the right to exclusively search for a home for a buyer and represent the buyer in the purchase
procuring cause
the agent who ultimately caused the buyer to purchase the home and earned the commission
Final Verification of Condition provision
The provision gives the buyer the right to make a final verification of the property within 5 days (or another specified number) prior to the close of escrow
Appraised Contingency
protects the buyer by ensuring that the property is valued at a price that is close to what is being offered by the buyer
Financing Contingency
gives the buyer time to apply for and obtain financing for the purchase of the property
inspection contingency
gives the buyer the right to have the home inspected within a specified time period
house sale contingency
gives buyers a specified amount of time to sell their existing home in order to finance the new one
contingency clause
a condition attached to an offer to purchase property which must be met in order to make the purchase offer binding
Net Listing
an owner sets a minimum amount that he or she wants to receive from the sale of the property and lets the broker have as commission any amount above the set minimum
