What is a listing agreement?
It’s a legally-binding contract that creates an agency relationship authorizing a broker to serve as their agent for a principal in a real estate transaction
What is the most widely used agreement?
The exclusive right-to-sell listing agreement
What is the exclusive right-to-sell listing agreement?
Under this agreement, the broker has the exclusive right to market the property for a specified period of time. If the property sells while the broker has the listing, the seller must pay the agreed upon commission. That is the case regardless of who actually procured the buyer or who was the procuring cause
What is an exclusive agency listing agreement?
It gives the broker the right to market and sell a property for a specified time period, while the owner retains the right to find a buyer and sell the property w/o owing the broker a commission
An open listing is a _
Non-exclusive contract
Explain an open listing
It gives the seller or buyer the right to engage any number of brokers as agents. But only the one broker who brings the ready, willing, and able buyer to the seller or who finds the right property for a buyer will receive the commission
Is a net listing a type of listing agreement?
Yes
Explain a net listing
In a net listing, an owner sets a minimum amount that he/she wants to receive from the sale of the property. They let the broker have as commission any amount above the set minimum
Is a multiple listing a listing type?
No
Explain a multiple listing
It refers to a multiple listing service. MLS. That is an organization of brokers within a specified geographical area who agree to distribute and share listing info
