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15 Cards in this Set

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  • Back
Name 7 reasons a broker employment contract can be terminated
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
Name 3 types of buyer agency agreements
1)exclusive buyer agency
2)exclusive-agency buyer agency
3)open buyer agency agreement
In IL, what are the 5 things that must be in all written exclusive listing agreements?
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
Name 5 listing contract diclosures
1)diclosure of material facts
2)disclosure of interest
3)disclosure of special compensation
4)earnest money & purchase default
5)disclosure of property condition
Name the 5 types of listing agreements
1)exclusive-right-to-sell listing
2)exclusive-agency listing
3)open listing
4)net listing
5)option listing
Define market value:
the most probable price property would bring in an arms-lenght transaction under normal conditions on the open market
Define multiple-listing service (MLS):
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
Define Statue of Frauds:
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
Define net listing:
a listing based on the net price the seller will reeive if the property is sold
(legal in IL)
Define exclusive-agency listing:
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
Define exclusive-right-to-sell listing:
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
Define buyer agency agreement:
a principal-agent relationship in which the broker is the agent for the buyer,with fiduciary rsponsiblities to the buyer
Define comparative market analysis (CMA):
a comparison of the prices of recently sold homes that are similiar to a listing sellers home in terms of location,style and amenities
Define option listing:
a listing with the provision that gives the listing broker the right to purchase the listed property
Define open listing:
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