Review Unit 10, 11, & 12

Question 1

Exclusive right to sell listing is..

Answer 1

Employs one broker as the seller’s sole representation

Question 2

Exclusive agency listing…

Answer 2

one broker authorized to act as the exclusive agent of the principal but, the seller retains the right to sell the property without the obligation to pay the broker

Question 3

Open listening…(nonexclusive listing)

Answer 3

the sellers retains the right to employ any number of brokers as agents … the seller is obligated to pay a commission only to the listing broker who successfully produces a ready, willing, and able buyer

Question 4

Net listening…

Answer 4

provision specifies that the seller will receive a net amount of $ from any sale, with the excess going to the listing broker as commission

Question 5

Multiple listing clause .. or (MLS)

Answer 5

a marketing organization whose broker members make their own exclusive listings available through other brokers who participating in the MLS and gain access to other brokers listed properties as well

Question 6

CMA Comparative market analysis ..

Answer 6

should be prepared to discuss the range of value in which the property is likely to fall

Question 7

Whats the IRV CURVE …

Answer 7

Formula used to calculate sales price, commission, and net to seller/buyer
I = INCOME (COMMISSION)
V = VALUE OF HOUSE
R = RATE (%)

I
——- (interchangeable)
RxV