Chater 10 - Listing Agreements Flashcards
A listing contract under which the owners appoint a real esate broker as their exclusive agent for a designated perior 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. This is called an ___-___ ___.
Exclusive-agency listing
One broker is appointed as sole agent of the seller and given a commission regardless of who sells the property if it it is sold during the listing is in effect. If the seller finds a buyer without the brokers assistance, the seller must still pay the commission to the broker. This is an ___ ___-_-___ listing.
Exclusive right-to-sell listing
Organized by a group of brokers within a geographic area or board of REALTORS*, for the purpose of sharing listings. The multiple listing agreement is in effect an exclusive-right-to sell or exclusive-agency agreement with an additional authority to distribute the listing to other brokers who belong to the MLS. The listing broker states in the listing how the listing is offered (that is to subagents, buyer brokers, or transaction brokers) as well as what compensation is offered to the selling broker.
Multiple listing service (MLS)
This type of listing is illegal in New Jersey. Based on the amount of money the seller will receive if the property is sold. The broker is free to offer the property at any price and if the property is sold, the seller pays only the net amount, this is a ___ listing.
Net listing
A seller agrees to pay a broker a commission only if he or she procures a buyer for the property. Seller can enter into ___ listings with any number of brokers, all acting as agents. If the seller personally sells the property without the aid of any of the brokers, he or she is not obligated to pay any pf the brokers. Because an ___ listing does not restrict the seller, it does not have to include a termination date. A subsequent exclusive listing with another broker would automatically terminate an ___ listing.
Open listing
A comparison of the prices of recently sold homes that are similar in location, style, and amenities to the property of the listing seller. The CMA includes information on properties that failed to sell, days on market (DOM). License laws dictate that a CMA must never be called a free appraisal. Statement must be in large type on the predominant size type in the CMA. The broker should convey to the seller that the eventual selling price is set by the buying public through the operation of supply and demand in the open market. CMA means ___ ___ ___.
Comparative market analysis (CMA)
