Listing Agreement Types

Question 0

Gives seller a limited time to bring a buyer before listing becomes Exclusive Right to Sell

Answer 0

Exclusive agency

Question 1

Agent gets commission even if the seller brings in a buyer

Answer 1

Exclusive right to sell

Question 2

Non-exclusive listing given by a seller to as many brokers as he/she chooses. No single agency has exclusive right to sell. Only the broker that close is the sale is entitled to the commission. Or agent must start a chain of events that results in the close of a sale.

Answer 2

Open listing

Question 3

Advantage of the MLS to a broker

Answer 3

They gain access to a lot more properties that they have the potential to sell.

Question 4

Advantage of MLS to the seller

Answer 4

Their property is exposed to a much larger market without going the route of contracting with multiple agents and open listings.

Question 5

This clause it basically states that the broker and the seller will not sue each other in the event that misinformation was shared between them.

Answer 5

Idemntification clause