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13 Cards in this Set

  • Front
  • Back
The 3 types of agency listing agreements are:
1) Open listing
2) Exclusive-agency listing
3) Exclusive right to sell listing
Open listing
Non-exclusive listing agreement where seller can have multiple agents
Exclusive agent listing
Seller has only one agent but retains the right to sell it themselves and not pay the commission
Exclusive right to sell listing
No matter how the property sells, the agent gets the commission
Protection agreement
Agreement for a specific property that, if person buys house, that agent will get the commission for it (protects agents)
Override / Extender Clause
Like the protection agreement - says if owner sells to person met while under contract w/ listing agent, agent gets commission
Net listing
Seller wants X for the property and the agent gets everything above that number
3 types of brokerage fees:
Commissions, flat fee, net fees
Short sale
Selling quickly
Form seller has to fill out is called the...
Residential property disclosure act
Exemptions to the NC RPDA are:
New construction, foreclosure, rent to own, divorce
If property owner does not give a Disclosure Statement by _ , the contract is voidable.
Offer to purchase
Listing agreement can / cannot have automatic renewal?