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Listing
Question | Answer |
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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 |