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Flashcards in Listing Agreement Types Deck (6):
0

Agent gets commission even if the seller brings in a buyer

Exclusive right to sell

1

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

Exclusive agency

2

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

3

Advantage of the MLS to a broker

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

4

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.

5

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