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18 Cards in this Set
- Front
- 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 |
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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. |
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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. |
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net listing |
this listing does not contain a specified sales price or commission. this listing is illegal in Alabama. |
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what is the most widely use type of listing |
exclusive right to sell listing |
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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 |
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where did the term exclusive agency come from? |
only the broker can act as an agent during the listing period. |
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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 |
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when is an advance deposit ask for? |
in an advance fee listing |
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advance cost listing |
charges only out of pocket cost incurred by the broker |
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advance cost listing & Advance fee listing can the broker still charge a commission |
yes |
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procuring cause |
the broker who is the primary cause of the transaction |
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what are three names for a bargain broker? |
flat fee broker, discount broker, Variable Rate Commission |
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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 |
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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 |
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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. |
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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 |
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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. |