Vocabulary Study Cards Ch. 8 Flashcards
Procuring Cause of Sale
An agent must prove that he was the primary foundation upon which negotiations have begun.
Exclusive Right to Sell
A listing given to the one broker who is entitled to the commission if anyone sells the property during the term of the listing contract.
Ready, Willing, and Able
Describes a buyer who is ready to buy, willing to buy, and financially able to pay the asking price.
Retainer Fee
A small monetary compensation paid by the buyer up front for an agent’s services.
Success Fee
Buyer’s agent’s compensation. May be received from the seller.
Protection Agreements
When the seller enters an agreement to compensate the agent but is not obligated to an employment model.
Open Listing
The seller lists a property with the assistance of one or more brokers. The broker generating the sale is entitled to the commission. However, if the owner sells, the owner owes no commission.
Exclusive Agency
The property is listed exclusively with one broker.
Protection Agreement
The Unrepresented Seller Disclosure and Feed Agreement Form in Appendix F.
Extender Clause
A clause in a listing contract protecting the broker’s commission entitlement for a specified time after expiration of the contract.
Flat Fee Listing
Broker takes the listing based on a specified payment of money by the seller to the broker at the time of listing.
Override Clause Protection Period
Protects the agent for a period of time after expiration of the listing form sales to prospect the agent recruited.
Net Listing
Not a type of listing but a method of establishing the listing broker’s commission as all money above a specified net amount to the seller .
Multiple Listing Service (MLS)
Method of placing listings in a pool of listings by member brokers.
Do Not Call Registry
A system that allows consumers to block many unwelcome calls from solicitors where the purpose was to conduct commerce.
