Il Real Estate Ch#6

Front 1

Name 7 reasons a broker employment contract can be terminated

Back 1

1)agreement purpose is fulfilled
2)agreement term expires
3)property is destroyed or its use is changed by some force outside clients control (zoning change)
4)property is transferred by law (bankrupty)
5)broker or client dies or become incapacited
6)broker or client breach contract(party may be liable
)
7)broker and client mutually agree

Front 2

Name 3 types of buyer agency agreements

Back 2

1)exclusive buyer agency
2)exclusive-agency buyer agency
3)open buyer agency agreement

Front 3

In IL, what are the 5 things that must be in all written exclusive listing agreements?

Back 3

1)list price of property
2)agreed basis of or amount of commission and time of payment
3)time duration of agreement
4)names of broker and seller
5)address or legal desription of the property

Front 4

Name 5 listing contract diclosures

Back 4

1)diclosure of material facts
2)disclosure of interest
3)disclosure of special compensation
4)earnest money & purchase default
5)disclosure of property condition

Front 5

Name the 5 types of listing agreements

Back 5

1)exclusive-right-to-sell listing
2)exclusive-agency listing
3)open listing
4)net listing
5)option listing

Front 6

Define market value:

Back 6

the most probable price property would bring in an arms-lenght transaction under normal conditions on the open market

Front 7

Define multiple-listing service (MLS):

Back 7

a marketing organization composed of member brokers who agree to share thier listing agreements with one another in the hope of procuring ready,willing, and able buyers for thier properties more quickly than they could on thier own

Front 8

Define Statue of Frauds:

Back 8

that part of state law that requires the certain instruments (real estate sales contracts,deeds, and certain leases) be in writing to be legally enforceable

Front 9

Define net listing:

Back 9

a listing based on the net price the seller will reeive if the property is sold
(legal in IL)

Front 10

Define exclusive-agency listing:

Back 10

a listing contract under which the oner appoints a real estate broker as his/her exclusive agent for a designated period of time to sell the property on the owners stated terms for comission.
This owner reserves the right to sell without paying anyone a commission if he/she sells to a prospect who has not bee introduced or claimed by the broker

Front 11

Define exclusive-right-to-sell listing:

Back 11

a listing contract under which the oner appoints a real estate broker as his/her exclusive agent for a designated period of time to sell the property on the owners stated terms and agrees to pay the broker a commission when the property is sold,whether by the broker,the owner, or another broker

Front 12

Define buyer agency agreement:

Back 12

a principal-agent relationship in which the broker is the agent for the buyer,with fiduciary rsponsiblities to the buyer

Front 13

Define comparative market analysis (CMA):

Back 13

a comparison of the prices of recently sold homes that are similiar to a listing sellers home in terms of location,style and amenities

Front 14

Define option listing:

Back 14

a listing with the provision that gives the listing broker the right to purchase the listed property

Front 15

Define open listing:

Back 15

a listing contract under which the brokers commission is contingent on the broker producing a ready,willing,and able buyer before the property is sold by the seller or another broker