Chapter 5 - Listing Agreements Flashcards Preview

National License > Chapter 5 - Listing Agreements > Flashcards

Flashcards in Chapter 5 - Listing Agreements Deck (10)
Loading flashcards...
1
Q

What is a listing agreement

A
  • CONTRACT for services between sell and broker (both sign
  • TERMS | Broker and broker’s agent can only off the property for sale at price and terms of agreement
  • BUYER’S NEEDS | agent must follow owner’s instructions (no illegal instructions)
  • ACCURACY | agent has to verify accuracy of info given by seller
2
Q

Open Listing

A

Seller can list with multiple brokers
Only broker who finds buyer gets paid
If seller finds buyer - no broker gets paid

3
Q

Exclusive Agency Listing

A

Seller contracts with one broker

Seller retains right to sell on own without paying a commission

4
Q

Exclusive Right-to-sell Listing

A

Seller lists with on broker

Broker gets paid no matter who finds buyer

5
Q

Net Listing

A

Seller lists with broker
Lists property for certain value
If property is sold for higher, all extra money is owed to broker

6
Q

Who does the contract for a listing belong to?

A

Principal Broker

7
Q

Elements of a Listing Contract

A
Must be in writing
Signed by both parties
Identify the property (legal description or address) 
List Price
Expiration Date
Commission
Type of listing 
Ts & Cs
8
Q

What terminates a listing?

A
Sale of Property 
Expiration of listing 
Death of party (broker or seller) 
Destruction of property 
Condemnation, Foreclosure, Bankruptcy
Mutual Agreement to cancel 
One party withdraws (possible recourse) 
Insanity
9
Q

What is a protective period clause?

What’s another name for it?

A

Period of time broker is protected from having seller cheat buyer out of commission due.
Must have presented buyer at time of listing.
Clause not valid if they re-list with another broker
*Safety Clause

10
Q

Multiple Listing Service

A

marketing organization where brokers share listings to procure buyers more quickly. brokers agree on compensation for finding buyers.