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Ch2-5 Specific RE
Chapter 2-5: Specific Real Estate Contracts
Term | Definition |
---|---|
Listing agreement | The employment contract between a principal broker and a property owner. |
Open Listing | Allows the seller to employ any number of principal brokers at the same time. |
Exclusive Agency | Gives one principal broker the right to sell the property, but no commission is owed if the seller sells the property. |
Exclusive Right to Sell | The seller employs just one principal broker. |
Net Listing | A listing under which a real estate broker receives any amount over a given net amount to the seller. Illegal in some states. |