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Flashcards in Listing Agreement Types Deck (6)
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0
Q

Gives seller a limited time to bring a buyer before listing becomes Exclusive Right to Sell

A

Exclusive agency

1
Q

Agent gets commission even if the seller brings in a buyer

A

Exclusive right to sell

2
Q

Non-exclusive listing given by a seller to as many brokers as he/she chooses. No single agency has exclusive right to sell. Only the broker that close is the sale is entitled to the commission. Or agent must start a chain of events that results in the close of a sale.

A

Open listing

3
Q

Advantage of the MLS to a broker

A

They gain access to a lot more properties that they have the potential to sell.

4
Q

Advantage of MLS to the seller

A

Their property is exposed to a much larger market without going the route of contracting with multiple agents and open listings.

5
Q

This clause it basically states that the broker and the seller will not sue each other in the event that misinformation was shared between them.

A

Idemntification clause