Chapter 13 - Brokerage Operations & Agreements Flashcards

1
Q

Name the four types of listing agreements.

A
  1. Exlusive right to sell.
  2. Exclusive agency.
  3. Open listing
  4. Net listing
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2
Q

Exclusive right to sell (listing agreements)

A

Most common. Seller lists property with only one sponsoring broker. If any broker (or the owner) sells the property, the listing broker gets commission.

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3
Q

Exclusive agency (listing agreements)

A

Seller lists property with only one sponsoring broker. Listing broker gets commission if property is sold by any broker, BUT NOT if seller sells the property on their own.

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4
Q

Open agency (listing agreements)

A

Seller can list their property with as many sponsoring brokers as they’d like. Seller pays commision to broker who is the “procuring cause of sale”. No commisison of seller finds a buyer.

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5
Q

Net listing (listing agreements)

A

Broker takes anything above an agreed-upon value as comission (not very common).

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6
Q

In the event of a business name change, how long does a brokerage have to notify IDFPR?

A

24 hours

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7
Q

In event of a managing broker loss…

A

IDFPR most be contacted within 15 days to request an extension of up to 60 days.

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8
Q

Price fixing (aka collusion)

A

When real estate companies attempt to set standard prices, instead of letting the open market establish the prices.

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9
Q

Tie-in agreements

A

Use of blackmail, tying purchase of one thing to another.

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10
Q

How long after a sale does a licensee have to phone a consumer?

A

18 months (under law)

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