Unit 10 Flashcards
What is an agreement the same as?
a contract
4 types of listing contracts
- Exclusive Right to Sell Listing
- Exclusive Agency Listing
- Open listing
- Net Listing
What’s the best type of listing
exclusive right to sell
What type of listing is best for all parties
exclusive right to sell
Exclusive Right-To-Sell
Seller promises to pay commission to broker regardless of who finds buyer
Exclusive Agency
seller promises to pay broker commission unless seller finds their own buyer
Open Listing/Non-exclusive listing
can list property with multiple brokerages and the one who sells the property is the one who will get the commission
Net Listing
the broker is entitled to any amount of commission exceeding the seller’s stated net proceeds
Are net listings legal in TN?
No
What type of listing will the MLS not accept?
Open listing
Multiple Listing Service
where we offer cooperation with other real estate companies to share commission
Who uses the multiple listing clause?
members of the MLS
Reasons to terminate listings
- Purpose is fulfilled
- Agreement’s term expires
- Property is destroyed
- Property use is changend by force outside th eowner’s control
- titled transferred by operation of law
- Mutually agree to cancel agreement
- Breech of contract
- Broker or seller dies
- Abandonment
Do TN courts allow automatic extension clauses?
Yes, but they strongly discourage
What happens if you don’t put a definite beginning and ending date in your contract?
Can have your license revoked