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9 Cards in this Set
- Front
- Back
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buyer representation agreement |
a principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as the agent, with fiduciary responsibilities to the buyer. |
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comparative market analysis |
a non-formal appraisal that looks at properties on the market that are similar to the property the seller owns. |
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exclusive agency listing |
one broker is authorized to act as the exclusive agent, Seller retains the right to sell the property without having to pay the broker. If the owner sells, does not have to pay the broker's commission fee. |
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exclusive buyer representation agreement |
Buyer works with one broker, although the broker is free to work with other clients. |
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exclusive right to sell listing |
one broker is employed as the seller's sole representative If the property is sold by the owner, the broker still gets a commission. |
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multiple listing service |
A marketing organization whose broker members make their own exclusive listings available through other brokers who participate in the MLS and gain access to other brokers' listed properties as well. |
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net listing |
Seller will receive a net amount of money from any sale, with excess going to the broker. Illegal. |
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open listing |
Seller retains right to employ any number of brokers as agents. Seller is obligated to pay a commission only to the selling broker. |
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Reasons a broker's contract can be broken (7) |
1. purpose fulfilled 2. term expires 3. property is destroyed 4. bankruptcy or foreclosure 5. broker and seller agree to cancel 6. breach of agreement 7. Death or incapacitation (If a sales associate dies, the agreement is still valid.) |
