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Flashcards in Listing Agreement Types Deck (6):

Agent gets commission even if the seller brings in a buyer

Exclusive right to sell


Gives seller a limited time to bring a buyer before listing becomes Exclusive Right to Sell

Exclusive agency


Non-exclusive listing given by a seller to as many brokers as he/she chooses. No single agency has exclusive right to sell. Only the broker that close is the sale is entitled to the commission. Or agent must start a chain of events that results in the close of a sale.

Open listing


Advantage of the MLS to a broker

They gain access to a lot more properties that they have the potential to sell.


Advantage of MLS to the seller

Their property is exposed to a much larger market without going the route of contracting with multiple agents and open listings.


This clause it basically states that the broker and the seller will not sue each other in the event that misinformation was shared between them.

Idemntification clause