Chp 6 Listing Agreements and Buyer Representation

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Author:
IQ
ID:
229990
Filename:
Chp 6 Listing Agreements and Buyer Representation
Updated:
2013-08-14 13:20:33
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Real Estate
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Real Estate
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  1. A principal agent relationship in which the
    broker is the agent for the buyer, with fiduciary responsibilities to the
    buyer. The broker represents the buyer under the law of agency.
    Buyer agency agreement
  2. A listing contract under which the owner
    appoints a real estate broker as his or her exclusive agent for a designated
    period of time to sell the property, on the owner’s stated terms, for a
    commission. The owner reserves the sale is to a prospect who has not been
    introduced or claimed by the broker.
    Exclusive agency listing
  3. A listing contract under which the owner
    appoints a real estate broker as his or her exclusive agent for a designated
    period of time to sell the property on the owner’s stated terms and agrees to
    pay the broker a commission when the property is sold, whether by the broker,
    the owner, or another broker.
    Exclusive right to sell listing
  4. A marketing organization composed of member
    brokers who agree to share their listing agreements with one another in the
    hope of procuring ready, willing, and able buyers for their properties more
    quickly than they could on their own. Most multiple listing service accept
    exclusive right to sell or exclusive agency listings from their member brokers.
    Multiple Listing Service (MLS)
  5. A listing based on the net price the seller will
    receive if the property is sold. Under a net listing, the broker can offer the
    property for sale at the highest price obtainable to increase the commission.
    This type of listing is illegal in many states.
    Net listing
  6. A listing contract under which the broker’s
    commission is contingent on the broker’s producing a ready, willing. and able
    buyer before the property is sold by the seller or another broker
    Open Listing

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