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9 Cards in this Set
- Front
- Back
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listing agreement
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an employment contract between a broker and seller which must be in writing to be enforceable in court
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exclusive right to sell
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one broker is the seller's agent; the broker is given the authorization to market the seller's property
-is paid regardless of who sells the property (even if the seller sells his own property, the seller is still obligated to compensate the broker) |
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exclusive agency listing
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one broker acts as the exclusive agent of the principal; seller still retains the right to sell the property without having to pay the broker UNLESS the broker was the procuring cause of the sale of the property
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open listing
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nonexclusive listing; seller retains the right to employ any number of brokers as agents; seller only has to pay if the broker produces a buyer and if the seller sells his own property, he is not obligated to pay any broker
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multiple listing
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for properties listed in the MLS; brokers must have the consent of the seller to include the property in an MLS; and if the broker chooses to become an agent for the buyer of a property in MLS, the broker must notify the listing broker before any communication with the seller takes place.
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net listing
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ILLEGAL in MA
-specifies that the seller will receive a net amount of money from any sale with the excess going to the listing broker as a commission |
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When is a listing terminated?
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-when the agreement is fulfilled or the agreement term expires
-if the property is destroyed or its use is changed by external force (zoning change or condemnation by eminent domain) -it title to the property is transferred by operation of law (bankruptcy or foreclosure) -if the broker and seller mutually agree to cancel the listing -if the broker or seller dies or becomes incapacitated -if the broker or seller breaches the contract |
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What kind of information is included in a listing?
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-name and relationship to owners
-street address and legal description of the property -size, type, age, and construction of improvements -number of rooms and their sizes -dimensions of the lot -existing loans -possibility of seller financing -amount of any outstanding special assessments and whether they be paid by the seller or by the buyer -zoning classification of the property -current/most recent year's property taxes -neighborhood amenities -disclosures regarding property condition |
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broker protection clause
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preserves the broker's commission if, within a certain number of days, the owner transfers the property to someone the broker introduced to them
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