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17 Cards in this Set
- Front
- Back
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When a seller hires a real estate firm to help see a piece of property, they enter into this contract with RE firms first. |
Listing Agreement |
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There are in large two categories of duties. First is this one (A) imposed by law on the agent And (B) is on the sellers |
fiduciary duties, contractual duties |
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Listing agreement is a contract between (A) and (B) |
A: the seller B: Real estate brokerage firm |
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In general rule, a listing agreement obligates the seller to pay the agent a commission only if (A) is found during the listing period. |
(A: Ready, Willing & Able buyer) |
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If buyer makes an offer on terms other than the one other than listing agreement, the seller (does or doen't) have to pay the commission. |
doesn't |
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What are three types of listing agreement? |
open listing, exclusive agency listing, exclusive right to sell listing |
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What are the disadvantages of open listing? |
1. possible dispute among multiple agencies for one 2. not assured of commission, agent might work less hard and takes longer to sell |
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What is exclusive agency listing? |
In this listing contract, the seller retain right to find buyer herself and in that case she won't pay commission. |
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what is the most commonly used listing contract and the most preferred one among agencies? and why? |
Exclusive Right to Sell Listing! It's most preferred by most agents for it provides the most protection to the agent securing commission no matter who sells the real property |
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In terms of the agent's contractual obligations, an open listing is considered to be (A) and exclusive listing is (B). What doest it mean? (C) |
A: Unilateral B: Bilateral C: This means, in open listing cases, the agent is not obliged to make any effort no promise to buyer. But in exclusive listings, the agent must make diligent effort not to commit a breach of contract. |
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What are 4 basic requirement of listing agreement? |
1. Identify the property to be sold 2. a promise to compensate the agent 3. Specify a fixed compensation for the agent 4. be in writing and signed by the seller |
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This listing where agents keeping the money over a fixed price without limit is called ( A ) and is illegal in WA state. |
Net listing |
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What are provisions minimally expected to be in a normal listing agreement? |
1. A description of property 2. Authorization of the licensee to act as the seller's agent in marketing property 3. agreement to pay commission and amount/rate 4.the terms of sale the seller will accept 5. the conditions under which commissions will be payable 6. duration of listing agreement 7. seller's warranties for the accuracy of the information to the licensee. |
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In an exclusive right to sell listing form provides that the listing agent will earn commission when one of those 3 things happen. |
1. During the listing period, if the listing agent secures a buyer who is willing and able to buy on the term the seller wrote. 2. The seller enters into a contract during the listing period 3. The seller sell the property to a buyer who first found out the house from listing service activities |
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What is clause in listing services to protect the agent from seller's delaying contract until after the listing period? Give 3 examples of this clause. |
Extender clause, 1. Negotiation starting time triggers obligation to pay commsn 2. It can include anyone who learned about the purchased house in listing period. 3. no due if listed by another RE firm during the extension period |
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The seller takes responsibility for the information given and indemnify the listing agent against any losses caused by error or omissions. What is this statement? |
Hold Harmless agreement |
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Stop |
Stop |
