Unit 10 Flashcards

1
Q

When a seller makes a contract with the broker to sell their property, what type of contract is typically used

A

listing agreement

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2
Q

What are three types of listing agreements

A

exclusive right to sell
exclusive agency
open listing

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3
Q

What does an exclusive right to sell listing entail

A

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

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4
Q

What does an exclusive agency listing entail

A

only one broker is employed

seller doesnt have to pay the broker a commission if they find a buyer without help

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5
Q

What does an open listing entail

A

multiple agents are employed
seller retains the right to sell without obligation
agent who sells the property gets the commission

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6
Q

What allows the broker to use the MLS and thus involve other brokers in selling the property

A

a multiple listing clause

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