Unit 10 - Client Rep Agreement

Question 1

Contract for seller/ listing agreement , what are the 3 types?

Answer 1

Exclusive rights to sell - you rep seller , you get paid

Exclusive agency - if owner finds buyer, I don’t get paid

Open rights - who ever find the buyer, get paid

Question 2

Net listing

Answer 2

Illegal

Only pay a set amount to the seller. The rest can be given to the agent

Question 3

Option listing

Answer 3

Unilateral contract

Only one person that needs to do something

Buyer has option to buy property in a states amount of time, but does not have to

Question 4

MLS

Answer 4

Multiple listing clause - approved property to be listed on mls

Question 5

Suit for specific performance

Answer 5

Judge forces terms

Question 6

CMA

Answer 6

Comparative market analysis

Comparables

How much the property is worth

Question 7

Info need for listing agreement

Answer 7

Name and relationship of owners
Street address & legal description 
Size type age improvements
Beds and baths
Size of room 
Dimensions of lot
Remaining financial obligations and info pertaining to it
Possibility of seller financing

Question 8

Broker protection clause

Answer 8

If something goes wrong, you still get paid

Question 9

Owner warranties

Answer 9

Know defect, comply with zoning

Question 10

Indemnification

Answer 10

Inaccuracies intentional or unintentional, no one holds each other responsible

Question 11

Anti trust

Answer 11

Indicates commission were negotiated

Question 12

Buy agency agreement

Answer 12

Buyer contract to represent them

Question 13

Exclusive agency buyer agency agreement

Answer 13

The buyer can find the property on their own and not pay me a commission

Question 14

Exclusive agency buyer agency

Answer 14

Exclusive agency

Question 15

Buyer agency

Answer 15

Exclusive right to represent

Question 16

Listing agreement

Answer 16

Employment contract

Question 17

Open listing

Answer 17

Non exclusive listing

Question 18

Broker protection clause

Answer 18

Of things fall apart, you still get a commission

Question 19

MLS clause

Answer 19

Give authority to the broker and obligates the broker to distribute the listing to other brokers