Listing Agreements

Question 1

Assignment (transfer)

Answer 1

transfer of rights and interest

Question 2

Attachement

Answer 2

when property is taken into legal custody

Question 3

Express contract (expressive)

Answer 3

parties agree on specifically written/oral terms

Question 4

Implied contract (no official promises)

Answer 4

acts and conduct implies agreement, but no official promises

Question 5

Novation (old for new)

Answer 5

replacing of something old for something new

Question 6

Rescission (resist)

Answer 6

cancels contract

Question 7

Right of Reversion (Reverse)

Answer 7

property is returned from tenant to owner at the end of the lease

Question 8

Specific Performance (duties)

Answer 8

contract must be fulfilled by parties involved

Question 9

Exclusive right to sell

Answer 9

agency has the right to sell and broker gets paid if seller sells without agency help

Question 10

Exclusive Agency

Answer 10

Agency has the right to sell but broker gets paid if completed by broker

Question 11

Open Non-Exclusive Agency

Answer 11

Open relationship, not committed. Broker that completes sale gets paid

Question 12

Net Listing

Answer 12

Property sold for set amount and broker is entitled to money above that amount