Listing Agreements

Question 1

90- day clause

Answer 1

Provides for the listing broker to be compensated if a buyer was procured during the period of the listing contract and subsequently agreed to purchase the property within the 90-day period

Question 2

Coming soon

Answer 2

Agents will promote a listing as “coming soon” to have more activity when the home is placed on the market

Question 3

Comparative Market Analysis (CMA)

Answer 3

Analysis agents perform to help buyers determine a price to list when selling a property or a price for a buyer to offer

Question 4

Cooperating Broker

Answer 4

The selling broker, who almost always represents the buyer

Question 5

Exclusive Agency Listing

Answer 5

A written agreement giving one agent the exclusive right to sell property for a specified period of time, but reserving the right of the owner to sell the property himself/herself without liability for paying commission

Question 6

Exclusive Rights to sell listing

Answer 6

Written agreement giving one agent the exclusive right to sell property for a specified period of time; the agent may collect a commission if the property is sold by anyone, including the owner, during the term of the listing agreement

Question 7

Listing

Answer 7

Written employment contract between principal and agent, authorizing agent to perform services for the principal involving real estate

Question 8

Listing broker

Answer 8

The real estate broker who procured the listing

Question 9

Net listing

Answer 9

A listing that provides that the agent may retain as compensation for his or her services all sums received over and above stated net price to the owner; the Arizona Department of Real Estate discourages the use of this type of listing

Question 10

Open listing

Answer 10

Authorization given by a property owner to a real estate agent in which the agent is given nonexclusive right to secure a purchaser; open listings may be given to a number of agent without liability to compensate any except the one who first secures a ready, willing, and able buyer or secures an accepted offer by the seller

Question 11

Pocket listing

Answer 11

An exclusive listing that the broker does not publicly advertise or market in hopes of selling it themselves

Question 12

Procuring cause

Answer 12

A direct or proximate cause; in real estate transactions, when an agent secures a buyer who agrees to purchase a property

Question 13

Selling broker

Answer 13

Also known as the cooperating broker, who almost always represents the buyer