Study Guided B1a-B1b
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contract are classified as either bilateral or unilateral. Bilateral- both parties promises to do something; one promise is given in exchange for another. A real estate sale conteact is bilateral bec the seller promises to sell a parcel of real estate and transfer title to the property to the buyer.
is a one sided agreement. One party makes a promise in order to entice the second party to do something.
commission or broker's fee
is a computed as a percentage of the total sale, a flat fee, or an hourly rate. The amount of a broker's commission negotiable in every case.
the agent represents two principals in the same transaction. Dual agency equires equal loyalty to two different principals at the same time- a high burden that means neither principal has the full, undivided loyalty of the agent.
exclusive right to sell listing
one broker is employed as the seller's sole representative. the broker is given the exclusive right, or authorization, to market the seller's property. If the property is sold while the listing agreement is in effect, the seller must pay the broker a commission, regardless of who sells the property.
At the federal level, the Sheerman Antitrust Act provides specifics penalties for a number of illegal business activities. prohibit monopolies and any contracts, combinations, and conspiracies among competitors that unreasonably restrain trade- that is, behavior that interfere with the free flow of goods and services in a competitive marketplace
A property will incur both fixed and variable expenses. Fixed expenses are those that remain fairly predictable,even though they may increase or decrease somewhat. Variable expense may be recurring or nonrecurring and can include capital improvements, building repairs and landscaping.
- price is always decided by the seller.
- This is the proposed sales price and is also called the asking price. This usually is a starting point for negotiation rather than the amount that will actually be agreed upon in the eventual purchase.
of a comparable is adjusted to reflect the impact on value of any differences between the subject and comparable. The elements of comparison for which adjustments must be made included; Property rights, financing concessions, market conditions, conditions of sale..
the asking offer or sales price of a property
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