Listing Agreements

Question 1

CMA

Answer 1

Comparative Market Analysis

Question 2

Listing

Answer 2

Property a broker/salesperson is authorized to offer for sale

Question 3

What is the contract of employment a client uses to hire a broker?

Answer 3

Listing agreement

Question 4

What are the different listing types?

Answer 4

-Open listing. Can have multiple brokers. Cannot go into MLS. Does not require a termination date.

-Exclusive Agency Listing. One broker will be authorized to sell the house, but the seller can possibly find their own buyer and not have to pay commission to broker.

-Exclusive Right to Sell. One broker will be authorized to sell the house, and the brokerage gets paid commission regardless of who makes the sale. Most common.

-Net listing (illegal in NJ)

Question 5

With which listing type does the seller authorize multiple brokers to list a property but only pays commission to the one who procures a buyer?

Answer 5

Open listing

Question 6

What is an open listing?

Answer 6

A listing in which the seller authorizes multiple brokers to list a property but only pays commission to the one who procures a buyer.

Question 7

What is an exclusive-agency listing?

Answer 7

A listing in which only one broker is authorized to act as the agent of the principal, but the seller can sell the property themselves if the broker fails to find a buyer.

Question 8

With which listing type does the seller authorize only one broker to act as the agent of the principal, but the seller can sell the property themselves if the broker fails to find a buyer?

Answer 8

Exclusive-agency listing.

Question 9

What is an exclusive-right-to-sell listing?

Answer 9

A listing where one broker is appointed as sole agent of the seller and has given the exclusive authorization to represent the property, and will receive commission regardless of who sells the property.

Question 10

With which listing does the appointer broker make commission regardless of who procures the sale?

Answer 10

Exclusive-right-to-sell listing.

Question 11

Which listing is based on the amount of money the seller will receive if the property is sold?

Answer 11

Net listing. These are illegal in NJ.

Question 12

What is a net listing?

Answer 12

A listing that is based on the amount of money the seller will receive if the property is sold. It is illegal in NJ.

Question 13

What compares the prices of recently sold homes that are similar in location, style and amenities to the property of the listing seller?

Answer 13

Comparative Market Analysis (CMA)

Question 14

What is the organization of brokers who work to sell each other’s listings?

Answer 14

Multiple listing service (MLS)

Question 15

Waiver of Broken Cooperation

Answer 15

Informs the seller that their property might make it harder to sell the property and sell for a lower amount if they do not use the MLS. Seller has to sign to keep the property off the MLS.

Question 16

How long do you have to add a listing to the MLS by default?

Answer 16

48 hours

Question 17

What document informs the seller that their property might be harder to sell and sell for a lower amount if they do not use the MLS. Seller has to sign to keep the property off the MLS.

Answer 17

Waiver of Broken Cooperation