Listing Agreements Flashcards
provides the highest service to the seller and the most protection for the broker’s commission. It allows the listing agent to list the property and receive a commission no matter who brings the buyer to the seller. Even when the owner finds a buyer, the listing agent is owed a commission, provided the sale occurs during the agreement term. This near guarantee of a commission makes it easier for the listing agent to expend money and time marketing the property.
Includes:
A start and end date for the listing period
The listing price
The amount of commission that will be paid to the listing agent
The amount to be paid to any cooperating agents
The types of marketing the listing agent may use
Notice that the owner must provide the buyer with a property disclosure statement
Exclusive Right-to-Sell Agreement
an option for sellers and landlords who want to reserve the right to find a buyer or tenant themselves and avoid paying a brokerage fee, but who still want to make sure their property receives the broadest possible market exposure. With an ____, only one broker lists the property. If that broker or any other broker sells the property, the listing agent is owed a commission as agreed to in the agency agreement. However, if the owner finds a buyer/tenant, the owner pays nothing.
Exclusive Agency Agreement
are unilateral agreements in which a seller may contract with many real estate agents to locate a buyer. Only the agent who brings in the buyer earns the commission, and if the seller finds a buyer herself, no one is owed a commission.
Open Listing Agreement
