Unit 11 Client Representation Agreements Flashcards
Define comparative market analysis (CMA)
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
Define exclusive buyer representation agreement
Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients. 189
Define automatic extension clause
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
Define controlled business arrangement
An arrangement that offers consumers a package of services (e.g., a real estate firm, title insurance company, mortgage broker, and home inspection company).
Define multiple listing clause
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