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10 Cards in this Set
- Front
- Back
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Law of agency |
Rights and duties of the parties in a real estate transaction - principal, agent and customer |
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Customer |
A prospective purchaser, seller, lessor, or lessee |
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General agent |
Represents the principal in a broad range of matters and may bind the principal to any contracts within scope of the agents authority |
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Special agent |
Authorized to represent the principal in one specific act or buisness transaction, under detailed instructions. |
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Listing agreement |
Contract of employment between a broker and a seller. 4 forms: 1) exclusive right to sell listing 2)exclusive agency listing 3)open listing 4)net listing |
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Exclusive right to sell listing |
One authorized agent Broker receives a commission regardless of who sells the property |
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Exclusive agency listing |
-One authorized agent -Broker receives a commission only if he/she is the procuring cause -seller retains the right to sell without obligation |
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Open listing |
-multiple agents -only selling agent is entitled to a commission -seller retains the right to sell without obligation |
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Net listing |
The broker is entitled to any amount exceeding the sellers stated net |
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Buyer representation agreement |
A contract that establishes a broker-buyer agency relationship |
