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18 Cards in this Set

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  • Back

exclusive-right-to-sell listing

1 broker, any broker can sell; with co-brokerage agreement; The listing broker is paid no matter who sells the property

exclusive agency-listing

1 broker; seller retains the right to sell the property; (only 1 broker can sell the property and still get paid) other brokers can sale with co-brokerage agreement; if the seller sales the property with out the service of the broker no commission is due.

open listing

inters into an agreement with a number of brokerage firms & retains the right to sell the property. The broker that sells the property gets paid for the sell; but if the seller sells the property then no commission is due to any broker.

net listing

this listing does not contain a specified sales price or commission. this listing is illegal in Alabama.

what is the most widely use type of listing

exclusive right to sell listing

the owner may personally sell the property during the listing period and not owe a commission to the broker, what kind of listing is this called?

exclusive agency listing

where did the term exclusive agency come from?

only the broker can act as an agent during the listing period.

Advance fee listing

this is a listing wherein the brokerage charges the seller a fee much like an attorney charges a client. The charges are an hourly fee, & out of pocket expenses

when is an advance deposit ask for?

in an advance fee listing

advance cost listing

charges only out of pocket cost incurred by the broker

advance cost listing & Advance fee listing can the broker still charge a commission

yes

procuring cause

the broker who is the primary cause of the transaction

what are three names for a bargain broker?

flat fee broker, discount broker, Variable Rate Commission

flat fee broker also called a self help broker

charges a set fee for listing the property, suggest a market price, write advertising, assist with negotiations, draw up sales contracts, and turn the signed paper work over to the escrow agent

discount broker

is a full service broker that charges less then the community's prevailing commission rates. The same amount of work for less money

Variable Rate Commission

the bargain broker retains a lower commission but allows the commission to increase to the other brokerage. This will give the other brokers an incentive to help market their property.

in a flat fee broker what 5 things is the homeowner responsible for?

paying for advertising, answering inquires, setting up appointments for prospects, showing the property, applying what ever effort is necessary to induce the prospect to make an offer

what does a listing broker do?

evaluates the property, describe current market and financing conditions, estimate the most probable selling price, write the contract, and handle the closing.