Which listing contracts do most buyers prefer?
An exclusive right to sell listing is the most widely-used listing agreement. Under this agreement, the broker has the exclusive right to market the property for a specified period of time.
How do you negotiate a listing agreement?
Begin negotiating your listing agreement. Agree to a listing term of six months if your market has normal selling conditions; three months if sales are brisk and longer for a slow market. Insert a termination clause and agree to pay a cancellation fee to cover the agent’s expenses.
What is a carryover clause in a listing agreement?
override clause. Also called extender, or carryover, clause. It provides for seller to pay the full commission to broker for any sale to registered prospects within the specified period after the termination of the contract. (
What happens if a listing agreement has a carryover clause?
What does a carryover clause do? Allows the broker to collect a commission for some period of time after the listing expires.
Which type of listing is least attractive to a broker?
65 Cards in this Set
| What happens if the broker cancels the listing or otherwise defaults? | the client may sue the broker for money damaes |
|---|---|
| Which type of listing is least attractive to a broker? | Open |
What is true about net listings?
A net listing allows the agent to keep any amount of money over the price set by the seller at the conclusion of the sale. In other words, if the house sells for more than the seller’s asking price, the agent can keep or ‘net’ the difference. It’s important to note that net listings are illegal in many states.
Who ultimately determines price?
The seller can put a price on the home, but the buyer ultimately determines the value.
Who is not exempt from completing a transfer disclosure statement?
The TDS law does not apply to residential properties of 5 or more units, commercial, industrial, vacant land or agricultural property.
What are the responsibilities of the broker regarding pre closing activities?
During the pre-closing period of a sale contract, what is the listing broker’s primary responsibility? Handle deposited funds according to law. A broker receives an earnest money deposit from a buyer and signs the check over to the listing agent as a commission advance.
What is a listing agreement?
What is a listing agreement? A listing agent agreement, also known as a listing agent contract, is a legally binding document between a seller and the real estate agent representing them in the sale of their home. There are several different categories of standard listing agreements, but any agreement can be modified to fit a specific situation.
Why are listing agreements so hard to read?
Because it’s a legal document, listing agreements can be complicated to decipher, especially since you may see it only a few times over a lifetime. It helps to know the most common elements in a listing agreement so you recognize if what you’re signing is standard or if it’s missing seller protections or has excessive agent benefits.
What is the duration of a listing contract?
Listing duration This identifies how long your contract is valid before it expires and your agent is no longer representing you. In most major real estate markets, it’s usually three months, but it can be longer or shorter in duration, depending on the state of your local real estate market.
What are the terms of a real estate contract?
While contracts can be amended or modified, and while addenda may be added, there are some common real estate listing agreement terms: The commission amount is usually 5-6 percent of the sale price, which is split roughly 50-50 between your listing agent and the buyer’s agent.