An employment contract between a peroperty owner and a real estate firm/broker by which the broker is employed to find a reday, willing and able buyer for the owner's real estate on the owner's terms, for which service the owner agrees to pay a commission.
ready, willing, and able buyer
A buyer who is financially qualified, prepared to buy on seller's terms, and ready to take positive steps toward consummation of the transaction by showing willingness to enter into an enforceable contract.
The effort that began a chain of events that brings about the desired result. Under an open listing, the broker who is the procuring cause of the sale receives the commission.
Typically a small amount of compensation, usually paid up front by the buyer/client when the buyer-agency agreement is established.
Due and payable by the buyer/principal on the signing and acceptance of an offer to purchase property found by the buyer's agent.
A listing agreement under which the broker's commission is contingent on the broker personally producing a ready, willing, and able buyer before the property is sold by the seller or another broker.
One broker is specifically authorized to act as the exclusive agent of the principal; broker receives a commission if any broker is procuring cause; seller can sell w/o obligation.
One broker is appointed as sole agent of the seller and is given the exclusive right, or authorization, to represent the property in question
Used to guarantee a broker a commission if that particular property is sold to a specific buyer.
A clause in a listing contract that says the listing broker is entitled to commission for a time period after the listing expires if the property is sold to a prospect that the broker initially introduced to the client during the listing term.
A listing based on the net price the seller will receive if the property is sold; broker can offer property at highest price to increase the commission.
exaggerated comments or opinions; "This house has the best view in town!"
In real estate, generally a listing agreement, a buyer agency agreement or a management agreement (a document eveidencing formal employment between principal and agent).