Term
| What is an Exclusive Right-To-Sell Listing Contract |
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Definition
| Broker as Agent or Transaction-Broker is involved and responsible for all aspects of marketing and selling of property. Broker receives payment upon sale for fulfilling contract duties. |
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Term
| What is an Exclusive Agency Listing Contract |
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Definition
| Broker as Agent or Transaction-Broker has exclusive marketing rights except seller may market and sell without service of broker. If seller is procuring cause and does not use broker's service, seller does not owe broker a fee |
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Term
| What is an Open Listing Contract |
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Definition
| Seller notifies all brokers that only if broker is procuring cause and there is a successful sale, broker will receive fee. Seller may still sell on his/her own behalf and not pay a fee. |
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Term
| What is an Exclusive Right-to-Buy Contract |
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Definition
| Broker as Agent or Transaction-Broker is involved and responsible for all aspects of purchasing of property. Broker receives payment upon sale for fulfilling contract duties |
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Term
| What is the Exclusive Brokerage Listing Addendum to Exclusive Right-to-Sell Listing Contracts (EBA) |
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Definition
| Broker as Agent or Transaction-Broker has exclusive marketing rights except seller may market and sell without service of broker. If seller is procuring cause and does not use broker's service, seller does not owe broker a fee. |
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Term
| What is the Open Listing Addendum to Exclusive Right-to-Sell Listing Contracts (OLA) |
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Definition
| Seller notifies all brokers that only if broker is procuring cause and there is a successful sale, broker will receive fee. Seller may still sell on his/her own behalf and not pay a fee. |
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Term
| Can a broker discuss going rates for commissions from other shops |
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Definition
| No, would create anti-trust issues |
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