Session 13

Question 1

Bilateral contract

Answer 1

Contract in which the parties expressly enter into mutual agreements or engagements e.g. a real estate sales contract. Each party promises to perform some act.

Question 2

blind ad

Answer 2

And advertisement in which a licensee attempts to advertise the property for sale without disclosing his or her licensing status or when a licensee attempts to mislead the public into believing a property is for sale by owner.

Question 3

Boiler plate

Answer 3

Standardized language used in contracts for the sake of efficiency and completeness

Question 4

Broker protection clause

Answer 4

A closet and agency agreement to provide the broker is still entitled to commission if the property is sold during a certain time under certain circumstances

Question 5

Commission

Answer 5

Compensation paid to a broker for services in a real estate transaction usually a percentage of the sales price rather than a flat fee

Question 6

Comparative market Analysis

Answer 6

Competitive market analysis (Cma) a method of determining the approximate market value of the subject property by comparing it to other similar properties they give an area that have sold presently for sale or did not sell.

Question 7

Exclusive right to sell listing

Answer 7

A listing agreement where the broker is entitled to collect the sales commission regardless of who sells the property including a sale by the owner of the property

Question 8

Multiple listing service MLS

Answer 8

And arrangement whereby local members of brokers agree to share listings show properties and share commissions and jointly sold

Question 9

Net listing

Answer 9

A listing agreement in which the sellers that’s a net amount here she is willing to except for the property the actual selling price exceeds that amount the broker is entitled to keep the access as commission discouraged in most states and illegal in many

Question 10

Open house

Answer 10

A traditional marketing strategy to showcase a listed property

Question 11

Open listing

Answer 11

A non-exclusive listing given by a seller to as many brokers is here she chooses if the property is sold broker is only entitled to a commission if he or she is the procuring cause of the sale

Question 12

Procuring cause

Answer 12

1. The effort that brings about the desired result. 2. And unbroken chain of events that results in the sale of property

Question 13

Unilateral contract

Answer 13

A contract that is legally binding on only one party who made a promise