Section 2 - Chapter 6 Flashcards Preview

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Flashcards in Section 2 - Chapter 6 Deck (14):
1

Brokerage Agreements are

employment contracts for personal professional services of the sponsoring broker, not transfer of real estate

2

Listing Agreements are

employment contracts between broker and seller

3

Buyer Representation Agreement

employment contract: establishes rights and responsibilites of sponsoring broker

4

Management Contract

sets up relationship between broker and rental property

5

Exclusive brokerage contracts must be in

writing, not oral

6

Principal

the buyer or seller being represented by the broker

7

exclusive right-to-sell listing agreements

one broker is appointed as seller's sole agent - gets paid no matter who/how sells

8

exclusive agency agreement

sell through that broker or seller can sell on own without having to pay broker

9

open listing agreement

seller can employe numerous brokers

10

option listing

broker can buy the property at some point in the future

11

a CMA is

comparative market analysis (based on other homes listed and expired, not necessarily sold)

12

Market Value is

the most probably price a property would sell for in a normal market under normal conditions

13

Listing agreements have these 5 disclosures:

material facts, interest, special compensation, earnest money & purchaser default, property condition

14

Buyer agency agreements include:

exclusive, exclusive agency