Flashcards in Chapter 11 Yellow Text-- Client Representation Agreements Deck (7)
Exclusive Right to sell listing
one broker is employed as the seller's sole representative.
If the property is sold during the listing period the seller must pay the broker a commission.
Seller employs one broker.
Listing broker is paid only if procuring cause of sale
seller retains the right to sell without obligation to listing broker.
Seller employs multiple brokers
Only successful listing broker is paid.
Seller retains the right to sell without obligation to any listing broker.
Is Illegal in MA
the broker is entitled to any amount exceeding the seller's stated net proceeds.
Multiple listing clause
used by brokers who are members of the MLS. The broker must have written consent of the seller to include the property in an MLS
Broker Protection Clause
provides that the property owner will pay the listing broker a commission if, within a specified number of days after the listing expires, the owner transfers the property to someone the broker originally introduced to the owner.