UNIT 10 CLIENT REPRESENTATION AGREEMENTS

Question 1

BUYER REPRESENTATION AGREEMENT

Answer 1

A principal-agent relationship in which the real estate professional acts on behalf of the buyer with fiduciary responsibilities to the buyer.

Question 2

COMPARATIVE MARKET ANALYSIS (CMA)

Answer 2

A comparison of the prices of recently sold homes that are similar to a listing seller’s home in terms of location, style, and amenitities.

Question 3

EXCLUSIVE AGENCY LISTING

Answer 3

A listing contract under which the owner appoints a real estate professional as her exclusive agent for a designated period of time to sell the specified property. The owner reserves the right to sell the property without paying anyone a commission if the sale is to a prospect who has not been introduced or claimed by the real estate professional.

Question 4

EXCLUSIVE BUYER REPRESENTATION AGREEMENT

Answer 4

Agreement in which the buyer works with only one broker although the broker is free to represent other buyer clients.

Question 5

EXCLUSIVE RIGHT TO SELL LISTING

Answer 5

A listing contract under which the owner appoints a real estate professional as his exclusive agent for a designated period of time to sell the specified property on the owner’s stated terms and agrees to pay the real estate professional a commission when the property is sold.