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
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.
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.