Listings Flashcards
commission
The compensation paid to a real estate broker (usually by the seller) for the services rendered in connection with the sale or exchange of real property.
exclusive agency
A written listing agreement giving one agent the right to sell property for a specified time but reserving to the owner the right to sell the property herself without payment of any commission.
exclusive-agency buyer agency agreement
An exclusive contract between the buyer and agent where the buyer agrees to pay the agent if the agent if the agent locates a property that the buyer ends up buying. However, the buyer is free to find a property without the agent’s assistance and not obligated to pay the agent anything.
exclusive (right to represent) buyer agency agreement
a completely exclusive agreement to represent a buyer. In return for representation, the buyer agrees to pay a commission for services rendered even if the buyer finds a property independent of the buyer’s service.
exclusive listing
A written listing of real property in which the seller agrees to appoint only one broker to sell the property for a specified period of time. The two types of of exclusive listings are the exclusive agency and the exclusive right to sell.
flat fee
Some brokers work for a flat fee instead of a percentage of the actual selling price. Often, __________ brokers elect to represent just one side of the transaction while reserving the right to act as duel agents.
listing
A written employment agreement between a property owner and a broker to find a buyer or a tenant for a certain real property.
multiple listing service (MLS)
An organization created to facilitate the sharing of listings among member brokers.
net listings
A listing where the broker and client-seller agree that the client-seller will receive a net amount from the sale of property. The broker then takes everything over the agreed net figure as commission. The taking of a net listing is in most instances a breach of the broker’s fiduciary duty of reasonable care, and in most states illegal, because the listed price must be identified on the listing contract.
open lisiting
A listing given to any number of brokers. The first broker who secures a buyer ready, willing, and able to purchase at the terms of the listing is the one who earns the commission.
procuring cause
The agent’s influence to turn a prospective buyer into an actual owner. Under an open listing agreement, only the broker who procures a buyer gets paid. A commonly used listing contract, the exclusive right to sell, entitles the listing broker to receive a commission regardless of who procures a buyer.
protection clause
A clause contained in a listing that provides protection for the broker. It states that a broker is still entitled to a commission (for a set period of time after the listing has expired) if the property is sold to a prospect that was introduced to the property during the listed period. In some states, before the expiration of the listing, the broker is required to give the owner a list of the names for which protection is being sought, or no protection will be granted.
stigmatized property
A property that has acquired an undesirable reputation because of a personal tragedy, haunting, violent crime, or possibly a known meth lab on or near the listed property.
MISTAKEN IDENTITY
exclusive right to sell/exclusive agency
The exclusive right to sell gives the broker a commission no matter who sells the property (the owner or other broker); whereas, under an exclusive agency, no commission is due if the seller finds the buyer.
