Unit 10

Question 1

When a seller makes a contract with the broker to sell their property, what type of contract is typically used

Answer 1

listing agreement

Question 2

What are three types of listing agreements

Answer 2

exclusive right to sell
exclusive agency
open listing

Question 3

What does an exclusive right to sell listing entail

Answer 3

only one broker is employed

seller must pay the broker a commission even if the seller finds a buyer without the help of the broker

Question 4

What does an exclusive agency listing entail

Answer 4

only one broker is employed

seller doesnt have to pay the broker a commission if they find a buyer without help

Question 5

What does an open listing entail

Answer 5

multiple agents are employed
seller retains the right to sell without obligation
agent who sells the property gets the commission

Question 6

What allows the broker to use the MLS and thus involve other brokers in selling the property

Answer 6

a multiple listing clause