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Ch2-5 Agreement type

Buyer Agency Agreement Types

TermDefinition
Open Agency Allows the buyer to work with more than one broker at a time.
Exclusive Agency Agreement Gives more compensation protection than the open agency agreement, but there will only be compensation due if the broker is used to facilitate a purchase.
Exclusive Right Agency Agreement Requires the buyer to compensate the principal broker if the buyer purchases any property meeting the buyer's stated parameters during the period of the agreement.
Addendum Terms and conditions that are not covered by the standard form; An attachment that becomes a part of the pre-printed agreement.
Exclusive Right to Sell A listing contract whereby the owner promises to pay a commission to the broker if property is sold during a stated period, regardless of whether or not the broker is the cause of sale.
Exclusive Agency Listing A listing under which the broker's commission is protected against a sale by other agents but not by a sale by the principal.
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