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Unit 10

Terms in this set (11)

Listing Agreement
The employment contract between a broker and a real estate seller
Exclusive Right to Sell Listing
One broker is employed as the seller's sole representative. The listing broker is given the exclusive right, or authorization, to market the seller's property.
Exclusive Agency Listing
One broker is authorized to act as the exclusive agent of the principal, but the seller retains the right to sell the property without the obligation to pay the broker.
Open listing
The seller retains the right to employ any number of brokers as agents.
Net listing
Net listing provision specifies that the seller will receive a net amount of money from any sale, with the excess going to the listing broker as commission.
Multiple Listing Service (MLS)
The MLS is a marketing organization whose broker members make their own exclusive listing available through other brokers who participate in the MLS and gain access to other brokers' listed properties as well
Broker Protection Clause
Clause in a contract that protects a broker from losing a commission in the event a transaction is not completed or is intentionally delayed until after the listing expires.
Comparative Market Analysis (CMA)
A comparison of the prices of recently sold homes that are similar to a listing seller's home in terms of location, style, and amenities.
Math Concept pg 172
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Exclusive buyer agency agreement
buyer is obligated to compensate the agent whenever the buyer purchases a property of the type agreed upon in the contract

The buyer works with only one broker, although the broker is free to represent other buyer clients.
Exclusive Right to Sell
Exclusive Agency
Open listing
Exclusive Right to Sell... you are going to get paid regardless of who brings the sales.

Exclusive Agency... The seller only signs with one broker. If a broker gets the sale, the seller pays them. However, if the seller finds a buyer, they don't have to compensate the broker

Open Listing... the seller signs up with multiple brokers.. whoever finds and closes the sale gets paid only
- Open listings are not on MLS
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