Practice Chapter 7 - Listing the Property - Broker/Owner Relationship

Question 1

Exclusive Agency Listing

Answer 1

A listing agreement employing a broker as the sole agent for the seller of real property under the terms of which the broker is entitled to a commission if the property is sold through any other broker, but not if a sale is negotiated by the owner without the services of an agent.

Question 2

Exclusive Right to Sell Agreement

Answer 2

A listing agreement employing a broker to act as agent for the seller of real property under the terms of which the broker is entitled to a commission if the property is sold during the duration of the listing through another broker or by the owner without the services of an agent.

Question 3

Listing

Answer 3

An employment contract between principal and agent authorizing the agent to perform services for the principal involving the latter’s property; listing contracts are entered into for the purpose of securing persons to buy, lease, or rent property. Employment of an agent by a prospective purchaser or lessee to locate property for purchase or lease may be considered a listing.

Question 4

Net Listing

Answer 4

A listing which provides that the agent may retain as compensation for agent’s services all sums received over and above a net price to the owner.

Question 5

Open Listing

Answer 5

An authorization given by a property owner to a real estate agent wherein said agent is given the nonexclusive right to secure a purchaser; open listings may be given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing, and able to meet the terms of the listing, or secures the acceptance by the seller of a satisfactory offer.

Question 6

RELRA

Answer 6

Real Estate Licensing and Registration Act

Question 7

Comparative Market Analysis

Answer 7

An analysis of the competition in the marketplace that a property will face upon sale attempts.