Term
|
Definition
| Contract entered into when a seller hires a real estate broker to help sell a piece of property |
|
|
Term
|
Definition
|
|
Term
| 3 Basic Types of Listing Agreements: |
|
Definition
- Open Listing
- Exclusive Right to Sell Listing
- Exclusive Agency Listing |
|
|
Term
|
Definition
| Owner agrees to list with only one broker and owes that broker a commission if home sells, unless the owner sells the property themselves |
|
|
Term
| Exclusive Right to Sell Listing |
|
Definition
| Owner can list with only one borker and owes that broker a commission no matter who sells the property |
|
|
Term
|
Definition
| Owner pays a broker commission to the broker who is the procuring cause of the sale |
|
|
Term
| Under WA State Law, to be enforceable, every listing agreement must (4): |
|
Definition
- Identify the property to be sold (or leased)
- Include a promise to compensate the broker
- Specifiy a specific compensation for the broker
- Be in writing and signed by the seller
(A complete legal description, although preferable, is not absolutely req'd by WA law, as long as listing clearly identifies property in question) |
|
|
Term
|
Definition
A listing in which the commission is any amount received from the sale over and above the "net" required by the seller.
Illegal and not enforceable in WA State. |
|
|
Term
| All Listing Agreements should at least contain (7): |
|
Definition
- Description
- Authorization of broker as agent
- Promise to pay broker & the amount
- Conditions under which commission will be payable
- Terms of sale the seller will accept
- Duration of listing agreement (vs. reasonable time)
- Seller's warranties of accuracy of info given to broker and in the listing agreement |
|
|
Term
|
Definition
AKA "safety" or "carryover" clause.
A provision that obligates the seller to pay a commission if the property sells within a certain period after the listing expires to someone the broker procured during the listing period. |
|
|
Term
|
Definition
| Licensees are required to give a copy of any document they prepare to the parties at the time of signature |
|
|
Term
| Receipt of Agency Pamphlet |
|
Definition
WA State law requires agents to give the pamphlet to other parties when entering into a listing agreement.
Many listing agreements include a provision in which the seller must acknowledge receipt of this pamphlet. |
|
|
Term
|
Definition
| The person who directly or indirectly brings about a sale |
|
|
