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Ch2-5 Specific RE

Chapter 2-5: Specific Real Estate Contracts

TermDefinition
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.
Created by: userjoe
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