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Flashcards in Listing Agreements and Buyer Representation Deck (6)
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1

exclusive-right-to-sell listing

one broker is appointed as the seller's sole agent. The broker is given the exclusive right, or authorization, to market the seller's property. If the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property.

2

exclusive-agency listing

one broker is authorized to act as the exclusive agent of the principal. However, the seller retains the right to sell the property without obligation to the broker.

3

open listing

The seller retains the right to employ any number of brokers as agents. The brokers can act simultaneously, and the seller is obligated to pay a commission to only that broker who successfully produces a ready, willing, and able buyer.
If the seller personally sells the property without the aid of any of the brokers, the seller is not obligated to pay a commission

4

Exclusive buyer agency agreement

This is a completely exclusive agency agreement. The buyer is legally bound to compensate the agent whenever the buyer purchases a property of the type described in the contract regardless of who finds the property.

5

Exclusive-agency buyer agency agreement

this is an exclusive contract between the buyer and the agent. However, the broker is entitled to payment only if he or she locates the property the buyer ultimately purchases.

6

Open buyer agency agreement

This agreement is a nonexclusive agency contract between a broker and a buyer.
It permits the buyer to enter into similar agreements with an unlimited number of brokers. The buyer is obligated to compensate only the broker who locates the property the buyer ultimately purchases.