Listing Types

Question 1

Open listing

Answer 1

The broker will get paid a commission if she secures a buyer, which results int he sale of the property. This can be done between a seller and as many brokers as she would like. If the listing broker does not sell the home, but rather the homeowner or another broker, the listing broker does not get paid the commission.

Question 2

Exclusive agency

Answer 2

The seller can only enter this agreement to sell with one broker. If the broker actively sells the house or the house is sold through MLS, the broker will be paid the commission. If the homeowner sells the house on his own, he will not pay commission to the broker.

Question 3

Exclusive right to sell

Answer 3

States the listing broker will receive the commission on the sale of the property regardless of who actually sells it.

Question 4

States that the homeowner will receive a specific amount from the sale of the property. Anything received over that amount will go to the listing broker. This type of arrangement is illegal in CA.

Answer 4

Net

Question 5

MLS

Answer 5

System used to display information all members have will regard to real estate property that have for sale.