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Georgia Real Estate

Chapter 10

TermDefinition
listing A real estate listing is an employment contract between a property owner and a real estate broker.
broker One who acts as an agent for others in negotiating contracts or sales.
An exclusive right-to-sell means that no matter who sells the property during the listing period, the listing broker is entitled to a commission.
An exclusive Agency Listing the owner may personally sell the property during the listing, and not owe a commission to the broker. The broker, however, is the only broker who can act as an agent during the listing period
open listing carry no exclusive rights. An owner can give an open listing to any number of brokers at the same time and the owner can still find a buyer and avoid a commission.
net listing a Listing Agreement that pays the broker an uncertain amount of commission generating the principal net proceeds from the sale Georgia law prohibits net listings
advance fee listing an agreement where the client pays a fee upfront when signing the brokerage engagement agreement. The brokerage company is guaranteed to be paid for it services regardless of whether the property sells or the buyer finds the right property.
flat fee listing the commission will be an agreed-upon amount and not a percentage of the sales price. The fee may be paid upfront at the time of listing or may be paid as a contingency only if the property sells.
Exclusive Buyer Brokerage Agreement the contract between the buyer and the broker when the buyer wants to be represented as a client
A Ready willing and able buyer A buyer who is ready to buy at the seller’s price and terms, who has the financial capability to do so.
Procuring Cause the one whose efforts began an unbroken chain of events that ultimately led to the property being sold.
Created by: user-1812658
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