Listings Flashcards
(25 cards)
What is a listing agreement?
A contract between a property owner and broker to market property for sale.
What is an exclusive right-to-sell listing?
Broker has exclusive rights to sell and earns commission no matter who sells.
What is an exclusive agency listing?
Broker earns commission only if they (not seller) procure buyer.
What is an open listing?
Seller can employ multiple brokers and only pays commission to the procuring cause broker.
What is a net listing?
Broker keeps sale price excess above seller’s set amount (illegal in NY).
What is MLS (Multiple Listing Service)?
A database where brokers share property listings to cooperate and compensate.
What is a broker’s protection clause?
Protects broker’s right to commission if sale occurs shortly after listing expires due to broker efforts.
What is a comparative market analysis (CMA)?
A tool used by brokers to estimate a property’s market value based on similar sales.
What is a listing price?
The price the seller is asking for the property.
What is stigmatized property?
Property psychologically impacted (e.g., crime scene), not physically defective.
What is “ready, willing, and able buyer”?
A buyer who is prepared to purchase on seller’s terms and has financial means.
What is listing expiration date?
The date the listing agreement ends if property is unsold.
What is broker cooperation?
Agreement among brokers to share commissions and work together (via MLS).
What is the fiduciary duty in a listing?
Broker owes loyalty, care, and disclosure to the seller client.
What is a listing termination cause?
Sale, expiration, mutual agreement, revocation, death, or property destruction.
What is a net sheet?
A document estimating seller’s proceeds after expenses.
What is an earnest money deposit?
A buyer’s deposit to show seriousness of an offer (held in escrow).
What is coming soon listing?
A property marketed prior to being available for showings (must comply with MLS rules).
What is pocket listing?
A property not shared on MLS, marketed privately (may violate fiduciary duty if not in seller’s best interest).
What is seller property condition disclosure?
A form where seller discloses known property defects (NY allows seller credit instead of form).
What is dual agency in listing?
Broker represents both seller and buyer in same transaction.
What is price fixing (antitrust violation)?
Brokers agree to set commission rates — illegal under antitrust law.
What is tying agreement (antitrust violation)?
Requiring a customer to use one service to get another — illegal.
