Listing agreement/contract Flashcards
(7 cards)
1
Q
What is a listing contract?
A
Employment agreement between an owner and a broker
A listing contract allows a broker to market and sell the property on behalf of the owner.
2
Q
What format can a listing contract be in?
A
Written, oral, or implied
3
Q
If a listing contract is longer than one year, it must be ____ to be enforceable under the statute of frauds.
A
In writing
4
Q
Listings belong to the ____
A
Broker
5
Q
What must written listing agreements include?
A
An expiration date, description of the property, listing price & terms, broker’s compensation, signature of all owners of record
6
Q
Is there any obligation to notify the broker of cancellations on expired listing agreements?
A
No
7
Q
Copy of listing must be delivered to owner within ____ ____ after execution.
A
24 hours
