Chapter 10 vocab Flashcards
employment contract for a broker services for a property seller
Listing agreement
A listing agreement, under which the seller must pay the broker a commission, regardless of who sells the property
exclusive right to sell listing (they can retain the right to sell with no commission)
A listing agreement with the single broker, under which the seller retains the right to sell the property independently without being obligated to pay a commission
exclusive agency listing
A listing agreement in which the seller may employ multiple brokers, retain the right to market the property independently, and is obligated to compensate only the broker who produces a buyer, if any
Open listing (in practice no one takes open listings)
A marketing organization whose broker members make their own exclusive listing available to other brokers
Multiple listing service (MLS)
A meeting with the property owner at which a sales associate describes the marketing efforts that the brokerage will make to bring about a sale of the property as quickly as possible
Listing presentation
An employment contract by which the broker is employed as a purchasers agent to find a suitable property
Buyer representation agreement
language in a listing agreement that states the broker and seller agreed not to see one another for any incorrect information supplied by one to the other
Indemnification (hold harmless) wording
an optional item in the listing contract that protects the buyer against the expense of certain types of repairs (such as plumbing, electrical, and heating systems) after the sale is completed
Home warranty program
A part of the listing agreement that stipulates that the property owner will pay the listing broker a commission if the broker was the procuring cause of a sale that is completed after the listing expired
Broker protection clause
