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Chapter 2

Agency Issues

QuestionAnswer
A remedy for breach of contract whereby a party sues the breaching party for cash damages. Sue for damages
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. Rescission
Uninterrupted chain of events which lead to the sale. Procurement
An agency contract between several brokers and a seller. The only broker entitled to a commission is the one that procured the buyer. Open listing contract
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. Net listing
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 a commission may be owed. Mirror image offer
A sale in which the listing broker is the only broker in the transaction. in-house sale
An agency relationship created between parties as evidenced by their actions. implied agency
Authorized to conduct all of a principal's affairs within the context of one specific contract. general agent
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 terms of the contract are fulfilled, except if the buyer is procured by the seller. Exclusive agency listing contract
The broker will earn their commission only if they procure a buyer specified in the listing contract. One -party listing contract
A fee or commission paid to an unlicensed person for performing brokerage activity. Fee splitting
An agreement whereby brokers pool their listings and offer to cooperate and compensate other brokers. (MLS) Multiple listing service
One authorized by a principal to perform one particular act or transaction. special agent
Competitors conspiring against another business or agreeing to withhold their patronage to limit competition. Group boycott
The amount owed a broker as payment for services rendered in connection with the listing contract or buyer agency agreement. Commission
An agency relationship created through a party's word, written or oral. Express agency
A written employment agreement that creates an agency relationship between a broker and a buyer. The buyer employs the broker to put forth a reasonable effort to find a property for the buyer to purchase and to negotiate on behalf of the buyer. Buyer agent agreement
Competitors conspiring together to eliminate competition by agreeing on the prices they will charge consumers. Price-fixing
the exclusive right to market the seller's property. The seller promises to pay a commission to the listing broker if the terms of the contract are fulfilled, no matter who procures the buyer. Exclusive right to sell listing contract
A prospective buyer of property who is legally capable and financially able to consummate the deal. Ready, willing, and able buyer
Laws that make it illegal to conspire to restrain trade or the free flow of goods and services in a market place. Antitrust laws
Created by: lisahale782006
 

 



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