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13 Cards in this Set
- Front
- Back
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The 3 types of agency listing agreements are:
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1) Open listing
2) Exclusive-agency listing 3) Exclusive right to sell listing |
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Open listing
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Non-exclusive listing agreement where seller can have multiple agents
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Exclusive agent listing
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Seller has only one agent but retains the right to sell it themselves and not pay the commission
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Exclusive right to sell listing
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No matter how the property sells, the agent gets the commission
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Protection agreement
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Agreement for a specific property that, if person buys house, that agent will get the commission for it (protects agents)
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Override / Extender Clause
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Like the protection agreement - says if owner sells to person met while under contract w/ listing agent, agent gets commission
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Net listing
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Seller wants X for the property and the agent gets everything above that number
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3 types of brokerage fees:
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Commissions, flat fee, net fees
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Short sale
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Selling quickly
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Form seller has to fill out is called the...
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Residential property disclosure act
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Exemptions to the NC RPDA are:
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New construction, foreclosure, rent to own, divorce
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If property owner does not give a Disclosure Statement by _ , the contract is voidable.
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Offer to purchase
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Listing agreement can / cannot have automatic renewal?
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CANNOT
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