Unit 10 Key Terms Flashcards
A principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer.
Buyer representation agreement
A comparison of the prices of recently sold homes that are similar to a listing seller’s home in terms of location, style, and amenities.
Comparative market analysis (CMA)
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, on the owner’s stated terms, for a commission. 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.
Exclusive agency listing
Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients.
Exclusive buyer representation agreement
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, whether by the real estate professional, the owner or another real estate professional.
Exclusive right-to-sell listing
A marketing organization composed of member real estate professionals who agree to share their listing agreements with another in hope of procuring ready, willing and able buyers for their properties more quickly than they could on their own.
Multiple listing service (MLS)
A listing based on the net price the seller will receive if the property is sold. Under a ______ the real estate professional can offer the property for sale at the highest price obtainable to increase the commission. This type of listing is illegal in many states.
Net listing
A listing contract under which the real estate professional’s compensation is contingent on the real estate professional producing a ready, willing, and able buyer BEFORE the property is sold by the seller or another real estate professional.
Open listing
