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12 Cards in this Set
- Front
- Back
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buyer agency agreement
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A principal-agent relationship in which the broker is the agent for the buyer, with fiduciary responsibilities to the buyer. The broker represents the buyer under the law of agency.
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exclusive-agency listing
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A listing contract under which the owner appoints a real estate broker as his or her exclusive agent for a designated period of time to sell the property, on the owner's stated terms, for a commission. The owner reserves the right to sell without paying anyone a commission if the sale is to a prospect who has not been introduced or claimed by the broker.
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exclusive-right-to-sell listing
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A listing contract under which the owner appoints a real estate broker as his or her exclusive agent for a designated period of time to sell the property on the owner's stated terms and agrees to pay the broker a commission when the property is sold, whether by the broker, the owner, or another broker.
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multiple listing service (MLS)
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A marketing organization composed of member brokers who agree to share their listing agreements with one another in the hope of procuring ready, willing, and able buyers for their properties more quickly than they could on their own. Most multiple listing services accept exclusive-right-to-sell or exclusive-agency listings from their member brokers.
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net listing
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A listing based on the net price the seller will receive if the property is sold. Under a net listing, the broker can offer the property for sale at the highest price obtainable to increase the commission. This type of listing is illegal in many states.
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open listing
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A listing contract under which the broker's commission is contingent on the broker's producing a ready, willing, and able buyer before the property is sold by the seller or another broker.
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listing agreement
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an employment contract between a broker and a seller
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automatic extension clauses
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a clause providing for a base period of 90 days that "continues thereafter until terminated by either party hereto by 30 days' notice in writing."
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broker protection clause
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clause provides that the property owner will pay the listing broker a commission if, within a specified number of days after the listing expires, the owner transfers the property to someone the broker originally introduced to the owner.
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Listing Price
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the proposed sales price
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retainer fee
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the agreement is signed to cover initial expenses
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Disclosures
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agency relationships and property condition are important consumer safeguards and may be required by state law.
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