Term
|
Definition
| Agent employed by the buyer or seller in negotiating the sale, purchase, lease, or exchange of real estate |
|
|
Term
| Matters a broker must deal with... |
|
Definition
- Zoning
- Codes
- Restrictions
- Financing Methods
- Outcomes of how the Title is taken
- Easements
|
|
|
Term
|
Definition
do legwork...show, strucutre, negotiate, put together forms...some work as independent contractor
|
|
|
Term
| Are brokers liable for fraudulent rperesentations made by salespeople? |
|
Definition
|
|
Term
| The person who hires the broker is known as the......... |
|
Definition
|
|
Term
| Can someone other than the landowner list property with a broker and become liable? |
|
Definition
|
|
Term
| Essential Elements of a listing K |
|
Definition
- Names of seller and broker
- description of property
- Terms of Sale
- Duration of employment
- Commisson
- Special Agreements
|
|
|
Term
|
Definition
| contains no provision forbidding the landowner from selling the land or hiring other brokers |
|
|
Term
|
Definition
| assures the broker that as long as the employment continues, no other broker will be hired |
|
|
Term
| In an Exclusive Agency, can the seller sell the property? |
|
Definition
| Yes, as long as there is no other broker |
|
|
Term
|
Definition
| makes the broker the sole agent of the landowner, and syas the broker will receive commisson in the event the property is sold, by anyone |
|
|
Term
|
Definition
| brokers pool their efforts to sell properties listed iwth any other member of the pool....in an exclusive ageny if the listing broker isnt the one to sell the property, the commission is split |
|
|
Term
|
Definition
|
|
Term
|
Definition
| one who is willing to enter the K that is acceptable to the seller |
|
|
Term
| The thought that the broker listing agreement is unilateral means? |
|
Definition
| a promise by one of the parties to the agreement, but no promise, to the other |
|
|
Term
| bilateral listing contract |
|
Definition
| the seller employs the broker to sell the property and the broker promises to take certain actions, such as advertising and showing the property.......irrevocable from the moment it is signed |
|
|
Term
| How is compensation computed? |
|
Definition
| on the basis of gross sale price |
|
|
