Types of Listing Flashcards
What are the 5 types of listings?
Exclusive listing, exclusive authorization and rights to sell listing, exclusive agency listing, open listing, and net listing.
What is an exclusive listing?
Only one broker can be hired, the listing belongs to that broker “exclusively” It is also required that there is a specific termination date from 90 days of signing.
What is an exclusive authorization and right to sell?
Most commonly referred to as a “listing”
What is exclusive agency listing?
Similar to exclusive right to sell but one HUGE difference. The owner sells it themselves the agent gets no commission. The agent would have to prove that they were the reason the buyer is there to buy the house. (Procuring cause)
What is open listing?
Non-exclusive listing because it is not exclusive to any one broker.
What is a net listing?
Agent agrees to sell an owner’s property for a set minimum price. Anything over the minimum price belongs to the agent as commission. (Illegal in most states)
