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13 Cards in this Set
- Front
- Back
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Employment agreement |
Written agreement that entitles real estate brokers to be compensated for services rendered. Must have a beginning and end |
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All agreements shall... |
Be clear Fully set forth all material terms, including compensation Duration Signed by all parties Not assignment between brokers One agreement per property (best practice) |
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Types of listing agreements |
Exclusive Right to Sell Exclusive Agency Open Listing Net Listing |
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Exclusive Right to Sell Listing |
No matter who finds buyer, broker is entitled to commision |
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Exclusive agency |
If the seller finds the buyer, broker is not entitled to commission |
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Open Listing |
Seller hires a number of brokers and first to find buyer is entitled to commission If seller finds buyer, broker is not entitled to commission Most common in commercial and business brokering |
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Net Listing |
Seller requires a certain amount from sale, the broker is entitled to anything above that number. |
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Listing agreements must include... |
Agency relationship Compensation between broker and seller Permission to use MLS Written permission to place lockbox and/or sign Listing price Property address and legal description Fixtures/personal property included in the sale Duration Names and Signatures of all parties Broker protection clause |
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Broker protection clause
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If someone wants to back out of the deal and the broker has fulfilled their end of the agreement, the broker is entitled to the commission. |
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Buyer-Broker Agreements |
No matter who finds the seller, the broker is entitled to the commission Like a sellers listing agreement but for buyers Gives client fuller representation |
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Ready, willing, and able buyer |
A buyer who is ready to act immediately to the terms of the agreement |
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Termination of a listing |
Completion of the agreement Listing expires Abandonment by broker Revocation - seller/broker is acting unethically Death of broker or seller(not agent) Destruction of property Mutual consent Bankruptcy Operation of the law (eminent domain/condemnation) |
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Multiple listing service |
A service where MEMBER brokers share listings and commissions with other MEMBER brokers |
