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14 Cards in this Set
- Front
- Back
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Listing Agreement
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- personal service contract btwn broker and principal
-Employment Contract - Must be in writing |
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Exclusive-right-to-sell Listing
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Most Binding
-one broker appointed as sole agent- entitled to commission regardless |
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Exclusive-agency Listing
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Second most binding
-One broker appointed -Commission unless seller finds buyer |
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Open (nonexclusive) listing
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Least binding
-Any number of brokers -Procuring broker MAY receive commission |
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Net Listing (Illegal in ND)
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Broker claim all proceeds above the net amount to the seller
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Option Listing
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Broker has right to purchase listed property
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Termination of listing
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fulfullment
expiration destruction change in zoning law (bankruptcy) mutual death breach |
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Expiration of listing period
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Contract must state definite date
Auto extension clause Broker protection clause- spec # of days (6mo listing/6mo clause |
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Market Value
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most probable price
CMA- valuable to seller Appraisal |
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MATH: Calculating Sales Price
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Commission/Price
Commission/Rate Price x Rate |
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Buyer Agency Agreement
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Employment Contract
Buyer= Principal Seller= Customer |
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Exclusive Buyer Agency
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Most binding
Broker receive commission |
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Exclusive Agency
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Second Most Binding
Limits compensation Buyer Free to Find own home |
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Open Buyer
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Least Binding
Unlimited brokers |
