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13 Cards in this Set
- Front
- Back
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a contract between an owner (as principal) and a real estate broker (as agent) by which the broker is employed as agent to find a buyer for the owner's real estate on the owner's terms, for which service the owner agrees to pay a commission
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listing agreement
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types of listing agreements
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exclusive-right-to-sell
exclusive-agency open listing |
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type of listing agreement that....
-one authorized broker-agent receives a commission -seller pays broker-agent regardless of who sells property |
exclusive-right-to-sell listing
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type of listing agreement that
-there is one authorized agent -broker receives a commission only if he/she is the procuring cause -seller retains the right to sell without obligation |
exclusive-agency listing
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type of listing agreement that....
-there are multiple agents -only the selling agent is entitled to a commission -seller retains the right to sell independently without obligation |
open listing
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a marketing organization whose broker members make their own exclusive listings available through other brokers and gain access to other brokers' listed properties as well
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multiple listing service
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type of listing where broker is entitled to any amount exceeding the seller's stated net
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net listing
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a provision that gives the broker the right to purchase the property but not obligated to do so
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option listing
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a clause in a listing agreement that provides that the property owner will pay the listing broker a commission if, within a specified number of days after the listing expires, the owner transfer the property to someone the broker originally introduced to the owner
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broker protection clause
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-comparison of the prices of properties recently sold, properties currently on the market and properties that did not sell
-comparisons must be made with properties similar in location, size, age, style and amenities to the seller's property -estimate market value within a range of values |
competitive market analysis
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most probable price property would bring in an arm's-length transaction under normals conditions in the open market
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market value
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information needed for listing agreements...
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-name and relationship, if any, of the owners
-street address and legal description of the property -size, type, age and construction of improvements -number of rooms and sizes -dimensions of the lot -existing loan information -possibility of seller financing -amount of any outstanding special assessments and whether they will be paid by seller or assumed by buyer -zoning classification -current (or most recent year's) property taxes -neighborhood amenities -real property, if any, to be removed by the seller and any personal property to be included in the sale for the buyer -additional information, if any, that would make the property more appealing and marketable -required disclosures, if any, concerning agency representation and property conditions |
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disclosures
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-it is important that the seller be informed of the company's policies regarding single agency, dual agency, and buyer agency
-seller should be informed about potential cooperation with subagents and buyer's agents |
