Unit 12: Listing Agreement (REPI)

Question 1

Exclusive right to sell

Answer 1

one broker is appointed as sole agent of the seller & is given exclusive right or authorization, to offer property in question

Question 2

exclusive agency listing

Answer 2

only one broker is specifically authorized to act as the exclusive agent of the principal

Question 3

open listing

Answer 3

sellers return the right to employ any number of brokers to act as their agents

Question 4

net listing

Answer 4

listing based on the net price the seller will receive if the property is sold

Question 5

multiple listing

Answer 5

exclusive listing w/ the additional authority & obligation to distribute the listing to other brokers in a multiple listing service

Question 6

substantive dialogue

Answer 6

meeting or written communication that involves substantive discussion relating to a specific real property

Question 7

Sellers disclosure notice

Answer 7

notice required of most sellers of real property; must state latent structural defects or any other known structural defects