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18 Cards in this Set

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What is hold harmless clauses?

The seller lies agent is protected.

The agent promises to use ______ in procuring a buyer

Due diligence.

With an exclusive authorization and right to sell listing what are 3 most common?

1. Listing agent


2. Outside agent


3. Seller

Exclusive agency listing the seller can do what?

Seller cab sell and pay nothing.

What is an open listing?

None exclusive listing they may be offered to one or more broker's.

What is a procuring cause?

Willing and able buyer.

Oral listings are generally what?

Not valid.

What does dial mean?

Disclosure inspection appraisal loan

What does interim occupancy agreement mean?

A buyer will be given possession prior to closing. Buyer must know that he/she is a renter when taking early possession.

Broker-salesperson agreement

A broker is required to have a written contract with his or her salesperson.

How long does the retention period last?

The period runs from the date of closing a transaction or, if not closed, from the date of the listing.

The effect of a hold harmless clause is that it?

Means the owner agrees to indemnify the agent for losses suffered because of the owners failure to disclose or the owners incorrect disclouser.

An exclusive right to sell listing provides 20% down and owner financing 13% interest. The owner received a full price cash offer that he does not wish to accept. What are the owners rights?

He may reject the offer without obligation regarding commission.

The rate of commission for sale of real property is set by?

Agreement between the parties.

A commission is ordinarily earned by a broker When?

The broker procures a ready, willing and able buyer.

To be the procuring cause of a sale, the broker must have ?

Initiated an uninterrupted chain of events that led to the sale.

Procuring cause of greatest significance In?

Open listings

Liquidated damages can exceed 3% of the sales price when the subject property is?

1.five residential units


2.residential property that the buyer did not intend to occupy.


3. A commercial building.