Flashcards in chapter 6 Deck (51)
what is exclusive right to sell listing?
one authorize broker receives a commission regardless of who sell the property
what is exclusive right to sell listing agreement?
one broker is appointed as the seller's sole agent. the listing broker is given the exclusive right to market the seller's property
what is exclusive agency listing?
1. there is one authorized broker
2. broker receives a commission only if she is procuring cause
3. seller retains the right to sell without obligation
what is exclusive agency listing agreement?
one broker is authorized to act as the exclusive agent to the seller. However, the retains the right to sell the property without obligation to the broker. the seller is obligated to pay to the broker only if the listing broker or cooperating broker has been procuring the sale
what is a open listing?
1. there are multiple brokers
2. only the seller broker is entitled to a commission
3. seller retain the right o seller independently to sell independently without obligation
Is net listing legal in IL?
they are legal but not recommend due the potential for fraud
what is option listing?
the broker has the right to purchase the property
What should be be writing in IL?
all exclusive listing agreement must be in writing and is subject to other legal requirement
what is guaranteed sales agreement?
the broker agrees to buy the listed property if it fails to sell before the end of the listing period.
What is multiple listing or MLS?
this is marketing organization whose members make their listing available for showing and sale through all the other members.
how do you terminate a listing agreement?
1. when the agreement purposed is fulfilled
2. when agreement term expires
3. if property is destroyed
4. if title to property is transferred by operation of law
5 mutual agree to cancel the brokerage agreement
6. eight the sponsor or the seller dies or becomes incapacitated
What should all broker agreement must have?
they must have a end date
what is broker protection?
this provides that property owner will pay the listing broker a commission if the within specified time period after the listing agreement expires, the owner transfer property title to someone who saw the property while it was listed with the broker.
what is price the property?
brokers can help sellers determine a listing price for the property by using cooperative market analysis.
What is cooperative market analysis?
this analyzes property similar to the subject property in size, location and amenities. this is deferent from an appraisal report
What is CMA is based on?
1. recent closed property
2. property currently on the market
3. properties that did not sell
what is sold property?
this represent what buyer have been willing pay for similar properties in area
what is current asking price?
these price of similar properties on the market indicates the trend asking prices lower than the "sold" indicate a slow declining market.
what is seller's return?
is how much money the seller will get after the property is sold
what is disclosure?
agency relationship and property conditions has become the focus of consumer safeguard in recent years.
what does IL require brokers are to disclose?
IL: requires disclose whose interest they legally represent if the other party has no agent. is important that the seller be informed of the brokerage company's policies about cooperating with other broker. seller disclosure of property conduction is also required by IL
what is the law requires that the following disclosures be included with listing contract?
1. disclosure of material facts
2. disclose of interest
3. disclosure of special compensation
4. disclosure of property conduction
what are the requirements for exclusive listing agreements?
1. the list price of property
2. the agreed upon amount of commission and the time of payment
3. the duration of the agreement with definite termination date clear set forth
4. the name of the broker and seller
5. signatures of both and seller
6. the identification of the property involved
7. the duties of the listing broker
8. a statement of nondiscrimination
9. a statement of regarding antitrust
what is broker's authority and responsibility?
the contract should whether the broker may place a sign on the property and advertise and market the property or utilize social media through Facebook or other. another major consideration is whether the broker is permitted to authorize buyer broker though the MLS and internet. it should also address whether or not the broker may accept earnest money on behalf of the seller and the responsibility for the holding the funds.
If you are married who should sign the contract?
both spouse sign the listing even if only one owns the property, in order to release homestead right
who should be name in the contract?
the brokerage come name, the spinor and designed agent of the spinor must all be identified in the contract.
what happen with real property and personal property in the contract?
any property to be removed for the premies by the seller and any personal property to be included int he sale for the buyer should be noted and be explicitly identified in subsequence purchase contract
what is happen with leased equipment in the contract?
it must determined if lease equipment will be left with property or not
what is description of the premises in the contract?
the legal description, lot size and tax parcel number (property index number or PIN) may be required for future insertion into purchase offer.