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26 Cards in this Set
- Front
- Back
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Sources of Listings |
Six major sources: 1) within your sphere of influence 2) For Sale By Owner (FSBO) 3) Expired listing 4) Farming an area 5) Cold calls 6) Internet advertising |
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Sphere of Influence |
Best source of listings - anyone known to the licensee. This includes personal referrals, contacting, reminders, etc |
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For Sale By Owners (FSBO) |
already a seller, but not working with an agent. Indentified by newspaper, websites, FSBO signs. |
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Expired Listings |
can be found through MLS |
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Farming listings |
source for listings - making a concentrated effort on a certain type or location of property - condos, townhomes, multi-family, etc |
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Comparative Market Analysis (CMA) |
comparison of seller's home to similar homes that have been sold, for sale, or removed from the market |
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Listing Agreement |
employment contract or authorization to sell; a fiduciary agreement between seller and broker |
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Listing Agreement contents |
1) in writing 2) termination date 3) description of property 4) terms from seller - what the seller must or must not have 5) seller's obligation to pay the broker |
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Net Listing |
broker's commission expressed as "all proceeds in excess of the seller's listing price" |
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Commission Splits |
offer to split a commission with a buyer's broker |
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Protections clause (in listing) |
broker is entitled to a commission if within a certain period of time after the listing expires, the seller sells to someone who became aware of the property due to the broker's actions |
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Nonexclusive Listings (Open Listing) |
a broker may recover a commisions if he can prove: a) duly licensed b) has found a ready, willing, able buyer c) was the procuring cause of the sale |
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Procuring Cause |
the efforts bring about a substantial agreement |
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Exclusive Listings |
These can be 1) Agency listings or 2) Right-To-Sell listings |
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Exclusive Agency Listing |
permits the owner to sell the property without obligation to pay the listing broker
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Exclusive Right-to-sell Listing |
entitles the broker to a commission regardless of who sells the property during the listing period
most widely used type of listing for residential properties |
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Seller Disclosure Statement |
in most states - requires a seller to to disclose material defects in the property to the prospective buyer
disclosure by the seller only and not the broker |
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Home Warranties |
an insurance contract covering repair & replacement of equipment and appliances
new homeowner usually pays for the warranty ($250-$500) |
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Asbestos |
environmental concern - banning in the US in 1978 1) sprayed on 2) Granular cement-like plaster 3) broken wallboard used for insulation 4) pipe insulation that looks like felt, cement, or fibrous wrapping paper |
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Formaldehyde |
environmental hazard - colorless, gaseous chemial
1970s had urea-formaldehyde foam insulation (UFFI) in wall cavities |
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Lead |
environmental hazard that may be present in drinking water, dust, soil
prior to 1988 may have lead based solder in plumbing connections
Lead based paint in houses prior to 1978 |
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Radon |
Environmental hazard - colorless, odorless, tasteless gas that is a byproduct of natural decay of uranium present in the earth |
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Toxic Mold (fungi) |
environmental hazard - can grow anywhere there is water damage, high humidity, or dampness |
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Hazardous waste |
environmental hazard - features that could indicate hazardous waste: discoloration of soil, scraps of asphalt, embankments, depressions, soft spots in the earth
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Underground Storage Tanks (USTs) |
environmental hazard that must follow federal requirements to remove and clean up |
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High Voltage Power Lines |
unable to prove if Electronic Magnetic Fields (EMFs) from power lines are completely risk free |
