Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
|
LEGAL (LISTING) DOCUMENTS ARE ALSO CALLED |
- Expressed Contract (in writing) /Agreement - Agreement - Listing - Professional Service Contract |
|
|
EXCLUSIVE RIGHT TO SELL |
- Best chance to make money
- Seller's sole representative - If seller finds their own buyer, they must still pay the broker a commission |
|
|
EXCLUSIVE AGENCY LISTING |
- Seller employs one broker - Listing broker paid only if they bring a buyer - If the owner brings their own buyer the broker doesn't get paid |
|
|
OPEN LISTING |
- Seller employs multiple brokers - Only successful broker is paid - Seller can find own buyer - Seller must still pay a Buyer's Agent |
|
|
NET LISTING |
- Illegal - Guarantees a fixed price to seller - Block busting |
|
|
SELLER CONTRACTS ARE CALLED |
- Employment Agreement - Buyer's Agreement - Selling Contract - Professional Agreement |
|
|
MLS LISTING |
- Broker Must be a member of MLS BEFORE they can multiple list - The Seller Broker must have written permission to post property on the MLS |
|
|
TERMINATION OF SELLER REPRESENTATION |
- If BROKER cancels the listing, the seller can sue - Seller can be liable if they don't cooperate - won't show house, refusing proceed w/ accepted contract - If the BROKER or seller dies. If salesperson dies, the listing continues - Foreclosure - Destruction of property - burns down - Agree to cancel - Breach of contract - House sells |
|
|
EXPIRATION OF LISTING PERIOD |
- Each Agreement must have a definite period - No automatic re-listing - State rate of commission - Broker protection Clause: listing ends, my clients buy within a specified agreed on period of time, I get paid |
|
|
DISCLOSURES |
- Lead Paint & environmental info - Condition of property - How seller/buyer is represented |
|
|
BROKER PROTECTION CLAUSE |
- Listing ends, my clients buy within a specified agreed on period of time, I get paid - Seller ends selling contract and a week later sells house on his own the broker gets paid his expenses |
