Key Terms - Chapter 8 Flashcards
Do Not Call Registry
A federal program that allows homeowner’s to register their residential phone numbers in order to eliminate, with some exceptions, unsolicited phone calls from telemarketers.
exclusive agency
A listing given to one broker only (exclusive), who is entitled to the commission if the broker or any agent of the listing broker effects a sale, but it imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker.
exclusive buyer agency contract
A relationship in which the agent represents only the interests of the buyer and not the seller
exclusive right to sell
A listing given to one broker only who is entitled to the commission if anyone sells the property during the term of the listing contract.
extender clause
A clause in a listing contract protecting the broker’s commission entitlement for a specified time after expiration of the contract.
flat fee listing
Commission arrangement in which the broker takes a listing based on a specified payment of money by the seller to the broker at time of listing.
multiple listing service (MLS)
An organized method of sharing or pooling listings by member brokers.
net listing
Not a type of listing but a method of establishing the listing broker’s commission as all money above a specified net amount to the seller.
nonexclusive buyer agency agreement
A type of buyer agency in which the buyer is free to utilize other buyer agents and is not obligated to just one agent. This is the type of buyer agency that would exist if the agency agreement is not reduced to writing.
open listing
A listing given to one or more brokers wherein the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner in the event the owner sells the property to a person who was not interested in the property by one of the listing brokers.
override clause protection period
Also called extender, or carryover, clause. It provides for seller to pay the full commission to broker for any sale to registered prospects within the specified period after the termination of the contract.
procuring cause of sale
The theory based upon the commission being earned by the party who is the primary factor in introducing the property as well as the predominant factor in concluding the transaction while not being in violation of the laws of agency
protection agreements
Any agreement that serves to protect the agent’s rights to be paid a commission.
ready, willing, and able buyer
Describes a buyer who is ready to buy, willing to buy, and financially able to pay the asking price.
retainer fee
A small monetary compensation paid by the buyer up front for an agent’s services
