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Ch. 8

Vocab: Agency Contracts & Related Practices

TermDefinition
Do Not Call Registry Federal program that lets homeowner's register their residential phone numbers in order to eliminate, with some exceptions, unsolicited phone calls from telemarketers.
Exclusive Agency Property listed exclusively with 1 broker. If agent effects sale, he's eligible for commission. But, if owner sells property, broker earns no commission (even if broker's advertising, for sale sign, gave owner prospects). Broker is competing with owner.
Exclusive Buyer Agency (Contract) A relationship in which the agent represents only the interests of the buyer and not the seller.
Exclusive Right to Sell [note: "exclusive" listing is often used as abbreviation for "exclusive right to sell", but should never be used to describe an exclusive agency.] Listing given to 1 broker only who's entitled to commission if anyone sells property during listing term. Seller owes listing firm commission regardless of who sells property (even the seller). Best contract for broker AND buyer.
Extender Clause Clause in listing contract protecting the broker's commission entitlement for a specified time after expiration of the contract.
Flat Fee Listing Commission arrangement in which the broker takes a listing based on a specified payment of money by the seller to the broker at time of listing.
Procuring Cause of Sale Requires agent to prove that he was the primary foundation upon which negotiations have begun, the predominant factor in bringing about a conclusion to the transaction, and not in violation of agency law. Especially true of the open listing.
Open Listing Seller lists a property with the assistance of 1 or more brokers (=not exclusive). Broker generating the sale is entitled to the commission. But, if owner sells property (to a prospect generated by the broker), the owner owes no commission.
Multiple Listing Service (MLS) An organized method of sharing or pooling listings by member brokers.
Net Listing Not a type of listing but a method of establishing the listing broker's commission as all money above a specified net amount to the seller.
Non-exclusive Buyer Agency (Agreement) A type of buyer agency in which the buyer is free to utilize other buyer agents and is not obligated to just one agent. This is the type of buyer agency that would exist if the agency agreement is not reduced to writing.
Protection/Protective Agreement Any agreement that serves to protect the agent's right to be paid a commission.
Ready, Wiling and Able Buyer Describes a buyer who is ready to buy, willing to buy, and financially able to pay the asking price (Ex: broker brings this kind of buyer to the seller).
Retainer Fee NC Buyer Agency Agreement lets agents receive this type of fee, which is usually a small monetary compensation paid by the buyer up front for an agent's services.
Success Fee May be received from the seller if the seller or seller's agent has offered compensation to the buyer's agent(s). This agreement also provides for buyer to directly compensate buyer's broker. Also called a buyer's agent's compensation
Created by: laurenk1996