Listing Agreements Flashcards
Listing Agreement
legally-binding contract authorizing a broker to serve as an agent for a principle in a real estate transaction
Exclusive Right-to-Sell
Listing agreement btwn a broker and seller where the broker is owed a commission no matter who finds a buyer for the property
Exclusive Agency Agreement
Listing agreement btwn a broker and seller where the broker is not owed a commission if the seller themselves finds a buyer
Open Listing
A non-exclusive contract authorizing a broker to serve as an agent for either the sale or purchase of property
Net Listing
an agreement where an owner sets a minimum amount that they want to receive from the sale and the broker keeps the difference in profit as commission if the property is sold at a higher price than the minimum stated
Multiple Listing
(hint: MLS = Multiple Listing Service)
An organization of brokers within a specified geographical area who agree to distribute and share listing information
Due Diligence
Verifying the accuracy of the statements in the listing
What does a ‘Procuring Cause’ do?
clarifies who qualifies for commission
What’s an important thing to remember about the enforceability of listing agreements?
They must be in writing to be enforceable
What does “effecting a completed transaction” mean?
Finding a customer who is not only ready, willing, and able, but one who makes an acceptable offer
i.e finding a buyer to complete a transaction
What’s the most desirable way to terminate a listing?
fulfillment of the contract
What form states how the agent will be compensated? (buyer side)
Buyer Tenant Rep Agreement
What section of the listing agreement outlines the broker’s rights to a commission if the seller later sells the property to one of the broker’s prospects after the contract expires?
Protection Period
In what section of the listing agreement does the seller agree to hold the broker not liable for personal injury, loss or damage to the property?
Limitation of Liability (Paragraph 14)
What’s the name of the addendum to the exclusive right-to-sell agreement that makes it an exclusive agency listing?
Exclusive Agency Addendum to Listing
What is required if a property is subject to a private transfer fee?
seller must notify the buyer in writing
If the seller fails to provide the buyer with a signed statutory notice relating to the tax rate, bonded indebtedness, or standby fee of the district prior to final execution of the contract, the seller may owe ______________________.
$5,000 in damages after closing
In which section of a disclosure form do the buyers check a box indicating they waive their right to conduct a risk assessment?
Buyer’s Rights
