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Agency Contracts

Creation and Termination of Agency

TermDefinition
Buyer Agency Agreement a written employment agreement that creates an agency relationship between a broker and a buyer. the buyer employs the boker to put forth a reasonable effort to find a property for the buyer to purchase and to negotiate on behalf of the buyer.
Exclusive Agency Listing Contract an agency agreement giving the listing broker the exclusive right to market the seller's property. the seller promises to pay a commision to the listing broker if the terms of the contract are fulfilled, no matter who procures the buyer.
Exclusive Right to Sell Listing Contract an agency agreement giving the listing broker the exclusive right to market the seller's property. the seller promises to pay a commission to the listing broker if the listing terms of the contract are fulfilled, no matter who procures the buyer.
Express Agency an agency relationship created through a party's word, written or oral.
Fee Splitting a fee or commission paid to an unlicensed person for performing brokerage activity.
General Agency one who is authorized to conduct all of a principal's affairs within the context of one specific contract.
Implied Agency an agency relationship created between parties as evidenced by their actions.
In-house Sale a sale in which the listing broker is the only broker in the transaction.
Mirror Image Offer an offer to purchase that is written at the price and on substantially the terms set forth in the listing. even if the seller does not accept this offer the broker may be owed a commission.
One -Party Listing Contract the broker will earn their commission only if they procure a buyer specified in the listing contract.
Open Listing Contract an agency contract between several brokers and a seller. the only broker entitled to a commission is the one that procured the buyer.
Procurement uninterrupted chain of events which lead to the sale. wb-1 exclusive-right-to-sell listing contract states a buyer is procured when a valid and binding contract of sale is entered into between the seller and buyer or when a ready, willing and able buyer submits a written offer at the price and on the terms specified in the listing time.
Ready, Willing and Able Buyer A prospective buyer of property who is legally capable and financially able to consummate the deal.
Rescission a way of terminating the rights of the parties under a contract whereby the parties act as if the contract never existed and forfeit their right to sue.
Special Agent one who is authorized by a principal to perform one particular act or transaction.
Sue for Damages a remedy for breach of contract whereby a party sues the breaching party for cash damages.
Multiple Listing Service (MSL) an agreement whereby brokers pool their listings and offer to cooperate and compensate other brokers.
Net Listing an employment contract in which the broker receives as commission all excess monies over and above the minimum sales price agreed on by broker and seller.
Created by: bunkiebaby