Real Estate - Listings

Front 1

Listing Agreement

Back 1

essentially an employment contract. It authorizes the broker to act on behalf of the seller. It employs the broker to secure a buyer ready, willing, and able to purchase the sellers property on terms satisfactory to the seller. It creates an agency relationship (fiduciary relationship) … limited to only one transaction. this also allows the agent to do all sorts of agent-y stuff (lock box and show house_ as well as accept an ernest money deposit.

Front 2

Agency Relationship (fiduciary relationship)

Back 2

relationship between seller and broker that says that the seller (and broker) must represent the seller faithfully and loyally in the sales transaction. It is limited to only one transaction

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Net Listing

Back 3

a commission wherein all proceeds in excess of the sellers listing price go to the agent.

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Protection (holdover, safety, extender, carryover) clause

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provides that the broker is entitles to a commission if within a certain specified period after the listing expires, the seller sells the property to a project who became aware of the property due to the brokers actions during a listing period (like if the broker showed the property to the buyer)

Front 5

Nonexclusive Listings (Open Listing)

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a listing wherein a broker may recover commission if he can prove that he 1) is duly licensed, 2) has found a ready, willing, and able buyer, 3) was the procuring cause of the sale. A broker may not receive commission if the owner sold the property himself, or if another broker brought in buyers

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Procuring cause of the sale

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The person whose efforts bring about a substantial agreement.

Front 7

Exclusive agency listings

Back 7

a listing that permits the owner to sell the property through his own efforts without any obligation to pay the listing broker commission. but it gives only one broker the right to sell a property during the listing period (any agent from the brokerage could sell the house. If any agent from any agency sells the property, then the only the one agency gets the commission.

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Exclusive right to sell

Back 8

this is a listing that entitles the broker to a commission regardless of who sells the property during the listing period.

Front 9

Exclusive buyer service agreement (Buyer Broker Agreement)

Back 9

the form used by an agent to exclusively represent a buyer. The buyers rep in the transaction is is paid by the seller through the listing broker.

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A listing may be terminated by

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1) death of the broker or seller,

2) bankruptcy of the broker or seller,

3) destruction of the property,

4) performance (producing a ready, willing and able buyer),

5) mutual consent of the broker and seller

6) expiration of the listing period.

Front 11

To get commission a broker must

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1) have a license,

2) find a buyer,

3) be the procuring cause (the one whose effort produced the offer)

Front 12

listing farm area should be

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-well-defined in terms of its location, with clear boundaries and no major streets dividing it up;

-be manageable in terms of size;

-have homes that are relatively close in value;

-be near the broker's office;

-have something about which the broker feels a connection;

-have indications of turnover.

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Open Listing

Back 13

A listing that provides the broker will be paid a commission if he procures a buyer at terms listed or acceptable to the seller. It allows the seller to sell himself, and to enter into listings with other brokers since his obligation is to pay the listing broker only if he procures the buyer.

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Bona Fide Offer

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The seller's only obligation in the event a ________ ________ _______ to purchase on the listed terms is submitted, is to pay the broker the commission.

Front 15

Multiple Listing Service

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an organization of brokers who have agreed to exchange listings. The listing broker will be paid a commission if any member of the service sells the property, and he will share the commission with the selling broker. Members of the service have a contractual obligation to distribute their listings to the other members.

Front 16

Market Analysis

Back 16

In a ________ analysis, properties are compared based on their features, location, conditions of sale (e.g.. financing terms) and time of sale. Neither the cost of construction nor the cost of acquisition would be relevant to the market data approach. The sales price of comparable properties is the basis for the analysis.

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Seller Disclosure Statement

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In most states, A seller most disclose material defects in the property to a prospective buyer. And even if it is waived from a buyer, common law dictates that it still applies. It is only the duty of the seller to disclose information, and not by the real estate licensee

Front 18

Home Warranty

Back 18

an insurance contract common in todays real estate market. Warranty generally covers the repair and replacement of equipment and appliances such as dishwashers, plumbing, etc. Can be included as part of a sales agreement.

Front 19

Asbestos

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used in architectural and construction applications before being banned in 1978. Used for fire and sound proofing purposes. looks like felt, cement, or fibrous wrapping paper.

Front 20

Formaldehyde

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a colorless, gaseous, chemical compound that is generally percent at low, variable concentrations in both indoor and outdoor air.

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Lead

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can be present in drinking water from pipes, in paint, in dust of home, in soil around home.

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Lead Based Paint Act

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An act that says the owner has to disclose stuff about lead in paint. Agents are responsible for ensuring seller complies with this. but the agent is not responsible if the owner conceals information. a property owner must:

1) distribute a copy of the EPA's "Protect Your Family From Lead in Your Home" brochure;

2) disclose the presence of any known lead-based paint or lead-based paint hazard in the property and provide any existing lead hazard evaluation reports;

3) provide a Lead Warning Statement and obtain acknowledgments to show the purchaser/lessee has received all relevant disclosure information, attached to any sale agreement or lease;

4) allow a purchaser 10 days (unless a different period of time is agreed to between the parties) to conduct a risk assessment and inspect the subject property for the presence of lead-based paint hazards.

Front 23

Radon

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a colorless, odorless, tasteless gas that is a byproduct of the natural decay of uranium present in the earth.

Front 24

Toxic Mold

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this stuff is present everywhere. can grow almost anywhere there is water damage, high humidity, or dampness. Can sometimes produce mycotoxins which can cause illness. Black Mold can cause cold like symptoms and bleeding in the lungs of infants.

Front 25

Hazardous Waste Contamination

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this is stuff outside in the soil and can cause short or long-term effects.

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Underground Storage Tank (UST)

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tanks with 10% of their volume below the ground surface and that store regulated substances. The problem is that they can leak. (an oil tank could be one of these.

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Ground Water Contamination

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this may occur when hazardous chemical wastes, pesticides, agricultural chemicals (such as fertilizer) etc, seep down through the soil into underground water supplies.

Front 28

High-Voltage Power Lines

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these emit low level electronic magnetic fields that scientist haven’t been able to prove to be harmful or not, but there you go. They may be considered an eyesore nonetheless.

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Waste Disposal Sites

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the proximity to one of these may affect the value of a parcel of land because of visual contamination, odors, heavy truck traffic, noise pollution, etc.