chapter 6 listing agreements and buyer representation
TRANSCRIPT
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Chapter 6Listing Agreements and Buyer Representation
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Modern Real Estate Practice 17th Edition
Listing Agreements
Exclusive-right-to-sell listing Exclusive-agency listing Open listing Multiple-listing (MLS) Net listing Option listing
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• Given to any number of brokers• Owner can sell and not owe a commission• Owner only owes a commission to broker who
provides a buyer• Not used very often since no protection for broker
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• Owner hires one broker• Owner can sell and not owe a commission• Owner owes a commission to the listing broker if sold
by the broker
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• Owner hires one broker• If owner sells the property they still owe a
commission• Owner owes a commission to broker no matter who
sells the property• The most common listing type used
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• A net amount to the seller is stated in the listing• Broker’s commission is amount in excess of the net
amount • Illegal in many states
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Modern Real Estate Practice 17th Edition
Termination purpose is fulfilled expiration of listing period property is destroyed or use is changed title is transferred by law mutual agreement of the parties death or incapacity of either party breach
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Modern Real Estate Practice 17th Edition
Listing Process
CMA Basic information required Disclosures
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Modern Real Estate Practice 17th Edition
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Modern Real Estate Practice 17th Edition
Listing Agreement Issues
Type of listing agreement Broker’s authority and responsibilities Names of all parties Brokerage firm Listing price Real and personal property Leased equipment
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Modern Real Estate Practice 17th Edition
Listing Agreement Issues
Description of the premises Proposed closing and possession dates Closing details Evidence of ownership Encumbrances Home warranty program Commission
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Modern Real Estate Practice 17th Edition
Listing Agreement Issues Termination Broker protection clause Owner warranties Indemnification Equal opportunity Antitrust Signatures and date
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Modern Real Estate Practice 17th Edition
Buyer Agency Agreements
Exclusive buyer agency agreement
Exclusive-agency buyer agency agreement
Open buyer agency agreement