Modern Real Estate Practice in North Carolina 10th Edition Unit 8

Modern Real Estate Practice in North Carolina (10th Edition) Unit 8 Flashcards a listing based on the net price the seller will receive if the property is sold. Under a net listing the broker can offer the property for sale at the highest price obtainable to increase the commission. While this type of listing is illegal in many states, it is legal but not encouraged in North Carolina.north Carolina residential property disclosure act a listing contract under which the owner appoints a real estate broker as the exclusive agent for a designated period of time to sell the property on the owners stated terms and agrees to pay the broker a commission when the property is sold, regardless of who sells the property.extender clause Since 2015, a separate North Carolina disclosure form that must be completed by most sellers of residential dwellings regarding the status of mineral, oil and gas rights multiple listing service a listing contract under which the owner appoints a real estate brokers the exclusive agent for a designated period of time to sell the property, on the owners stated terms, for a commission exclusive right-to-sell listing a real estate transaction where the listing firm actually produces the buyer for their listing as opposed to a co-brokered or cross sale that involves two firms.limited services agreement A national registry, managed by the federal trade commission, that lists the phone numbers of consumers who prefer to limit the telemarketing calls they receive.net listing a document evidencing formal employment between employer and employee or between principal and agent. In real estate this is generally a listing agreement a buyer agency agreement or a management agreement.exclusive-agency listing A small fee paid by the client upon creation of a buyer agency relationship as an advance partial compensation for services; it may be nonrefundable or applied to final compensation due depending on the agency agreement success fee two brokerage firms team up to sell a property, usually to create more effective marketing for the listing client comparative market analysis Arrangement where consumer asks licensee to perform specific real estate services for a set fee; unbundling of services; limited service firms.frontage A marketing organization composed of member brokers who agree to share their listing agreements with one another in the hope of procuring ready, willing, and able buyers for their properties more quickly than they could on

their own.national do not call registry an employment contract between a property owner (principal) and a real estate firm/broker (as agent) by which the broker is employed to find a ready, willing and able

buyer for the owners real estate on the owners terms for which service the owner agrees to pay a commission Mineral and Oil and Gas rights mandatory disclosure statement

a principal-agent relationship in which the broker is the agent for the buyer with fiduciary responsibilities to the buyer co-brokered sale one who is prepared to buy property on the sellers terms and is ready to take positive steps to consummate the transaction one of the agents requirements for entitlement to commission.retainer fee The length of property along the street or waterfront.in-house sale A carry-over or protection clause in a listing contract that says the listing broker is entitled to commission for a time period after expiration of the listing term if the property is transferred to a prospect that the broker introduced to the property during the listing term; override clause. This clause is void if the property is listed with another broker.procuring cause a comparison of the prices of recently sold homes that are similar to a listing sellers home in terms of location, style, and amenities; and estimate of market value.employment contract price fixingantitrust laws an agreement between an unlisted property owner and a broker to secure payment for the broker if the property is sold to the particular buyer named in the agreement; it does not create a general listing, and may not create agency at all - only compensation for a buyer's agent.Sometimes called a "one-shot" listing.puffing a real estate transaction involving two or more brokerage firms, one firm representing the seller and the other representing the buyer co-listing The state law that requires sellers to provide a prescribed property disclosure statement to any prospective buyer prior to presentation of first offer on property.open listing laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition.buyer agency agreement a listing agreement under which the brokers commission in contingent on the broker personally produce a ready, willing and able buyer before the property is sold by the seller or another broker.override clause exaggerated or superlative comments or opinions. ready, willing, and able buyer A carry-over or protection clause in a listing contract that says the listing broker is entitled to commission for a time period after expiration of the listing term if the property is transferred to a prospect that the broker introduced to the property during the listing term; override clause. This clause is void if the property is listed with another broker.fee-for-service agreement