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6 Cards in this Set
- Front
- Back
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Commission |
An agents compensation for performance of the duties of his agency; in real estate practice, a percentage of the selling price of the property, or percentage of rentals, etc |
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Exclusive Agency Listing |
A written instrument giving one agent the right to sell property for a specified time, but reserving the right of the owner to sell the property himself without the payment of a commission. |
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Exclusive Right to Selling Listing |
A written agreement between owner and agent giving the agent the right to collect a commission if the property is sold by anyone during the term of the agreement. |
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Multiple Listing Service ( MLS ) |
An arrangement among brokers whereby they share their listings. |
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Net Listing |
A listing that provides that the agent may retain all sums received over and above a net price to the owner as compensation for his services. This type of listing is illegal. |
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Open Listing |
A listing given to any number of agents without liability to compensate except the one who first secures a buyer ready, willing, and able to meet the terms of the listing. |
