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KES client Rep agree
Clients representation Agreements
Term | Definition |
---|---|
Buyer representation agreements | |
Comparative market analysis | (CMA) not formal. Looks at similar properties in size, location, amenities. |
Exclusive agency listing | Seller retains right to sell on their own. |
Exclusive buyer rep agreement | |
Exclusive right to sell listing | Agent gets commission no matter who Brings in the buyer or sells the property. |
Net listing | Principle sets net dollar amount and broker keeps the remainder |
Open listing | Gets commission only if the broker brings in the buyer. (Aka non exclusive listing) |
Listing agreement | A contract for professional services of broker and seller. (Listing agreement) |
Who is responsible for transactions | The broker |
Listings of cooperating brokers | MLS written consent must be given prior. The advantages are exposure, increased inventory. |
MLS participating listing brokers make offers that are considered | Unilateral |
Advantages of MLS | Detailed information (taxes, assessments, local services, properties pending, sold, expired) |
Valid reasons Brokers agreement to seller may be terminated | Purpose fulfilled, expiration of agreement, property destruction, zoning change, condemnation, bankruptcy/foreclosure, mutual agreement to cancel, breach by either broker or principle, death of broker of principle. |
PITI | Principle, interest, taxes, insurance |