CHP 33 - Contracts: Listing Agreements Flashcards
Types of Listing Agreements
Exclusive Right to Sell
Exclusive Agency
Open Listing
Ways a listing agreement can be termination
1) Buyer found
2) Expiration
3) Mutually agree
When is a buyer’s agent still entitled to commission
- Decide not to
- FSBO
- Chooses to purchase through another broker
A listing agreement must be in _____ to be enforceable
Writing
Net Listing
Owner sets their minimum profit and lets broker have any amount above that
Open Listing
Non exclusive contract
Many brokers can help; whoever finds the property gets the commission
Exclusive right to sell
Must have a definite termination date
Exclusive Agency
Broker has right to market and sell but if owner finds a buyer they don’t owe the broker a commission
Are net listings legal in KY
NO
Compensation agreements that are not listing agreement
FSBO
Broker-Employee agreement
Basic Parts of a Listing Agreement required by most states
ID of property
Compensation to broker
Specifics of compensation
Written doc with signature
When is a seller required to pay commission if refusing an offer
Unless specified unless it’s cash
Safety Clause AKA
Carryover clause
Broker receives commission if property sales within specific # of days after expiration
How to check ownership
Ask for a copy of deed or another title doc
Check with title company
Visit county tax office and check records
When must a seller receive a copy of the listing agreement
When signatures are obtained
