Unit 11 Client Representation Agreements Flashcards

1
Q

Define comparative market analysis (CMA)

A

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. 179

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2
Q

Define exclusive buyer representation agreement

A

Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients. 189

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3
Q

Define automatic extension clause

A

A listing agreement clause stating that the agreement will continue automatically for a certain period of time after its expiration date. In many states, use of this clause is discouraged or prohibited. 179

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4
Q

Define controlled business arrangement

A

An arrangement that offers consumers a package of services (e.g., a real estate firm, title insurance company, mortgage broker, and home inspection company).

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5
Q

Define multiple listing clause

A

A provision in an exclusive listing for the authority and obligation on the part of the listing agent to distribute the listing to other real estate professionals in a multiple listing organization. 177

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