Unit 10 Flashcards
When a seller makes a contract with the broker to sell their property, what type of contract is typically used
listing agreement
What are three types of listing agreements
exclusive right to sell
exclusive agency
open listing
What does an exclusive right to sell listing entail
only one broker is employed
seller must pay the broker a commission even if the seller finds a buyer without the help of the broker
What does an exclusive agency listing entail
only one broker is employed
seller doesnt have to pay the broker a commission if they find a buyer without help
What does an open listing entail
multiple agents are employed
seller retains the right to sell without obligation
agent who sells the property gets the commission
What allows the broker to use the MLS and thus involve other brokers in selling the property
a multiple listing clause