Types of Listings Flashcards

Types of Listings Flashcards Open ListingThe owner reserves the right to list with as many brokers as they choose; the one that sells is the one that gets the commission.Offers/Purchase AgreementsThe sales contract sets forth all details of the agreement between a buyer and a seller and establishes their legal rights and obligations. It dictates the provisions of the deed.Expiration of Listing PeriodAll listings must specify a definite period during which the broker is to be employed and must have a definite termination date.Multiple Listing Service (MLS)A service providing an arrangement in which brokers share their listings with other brokers in exchange for a share of the compensation generated by a transaction.Exclusive Agency ListingThe broker is the exclusive agent, and receives the commission unless the owner sells the property themselves.Buyer-Broker AgreementsThese agreements, known as Buyer Representation Agreements, establish a special agency relationship between the broker and the buyer for services provided by the broker. The agreement must be signed by the buyer. It sets the period of the agreement, the market area being considered, the fee being paid by whom, and other agreements between the broker and the buyer.Exclusive Right-to-Sell ListingThe broker is the exclusive agent, and receives the commission even if the owner sells the property themselves. The most common type of listing that MLS registers. Also gives the greatest protection to the broker.Net ListingAn agreed upon price between the owner and the broker, the broker receives any money over that price as the commission. This type of listing is discouraged and requires that the seller be familiar with value, require the net listing, and the agents puts a ceiling on the amount they can earn under the net approach.