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Listing Bilateral employment contract between principal and broker. Broker is employed by the principal to find a buyer and accept a deposit.
Exclusive Listing only one agent can be hired. requires a specific termination date. There is one commission however that one commission can be shared with an agent that brings a buyer.
Exclusive authorization and right to sell owner agrees to sell the property through the listing broker. The listing broker does not prove they are the procuring cause of the buyer. (gets paid either way)
Exclusive listing The seller agrees to pay one listing agent a commission. If the owner sells it themselves the agent gets no commission. The agent would have to prove procuring cause of the buyer.
Open listing Which ever party is the procuring cause of the buyer is due a commission. As long as they are the principle in the transaction or have an active real estate license. Not exclusive to anybody.
Net listing Agent agrees to selling a property for minimum price. Anything over the minimum price belongs to the agent as commission. there is no stipulated selling price thus no stipulated comission
Listing with an option broker is interested in buying a property he or she has listed. needs to be included in listing agreement.
Multiple Listing Service (MLS) Joint marketing agreement between brokerage firms to make there listings available to other brokerage firms.
Termination of listing A listing is personal service contract, and can be terminated by principal or seller dies property destroyed by fire or natural disaster by condemnation
If the seller files for bankruptcy, the listing contract would end by operation of the law. true
Condemnation is the process of taking the land. If the property were condemned, the listing would be terminated true
Created by: Smithhannah236