When an owner tries to sell his own home without the aid of a licensed broker it is called?

In an open listing, the seller retains the right to employ any number of brokers as agents. If the seller personally sells the property without the aid of any brokers, the seller is not obligated to pay a commission page 89.

Which of the following listings will permit an owner to sell his property without paying a commission to any broker?

EXCLUSIVE AGENCY – A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission.

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When a property is sold by the brokerage firm that listed it this is called a?

A listing contract in which the broker’s commission is contingent on the broker being. able to produce an acceptable buyer before the property is sold by the owner or another. broker is called. a. an open listing.

Which type of listing allows for the owner to sell his or her property outright without a commission owed?

In an exclusive agency listing, much like the exclusive right to sell listing, the seller would only work with one broker. However, there is one huge difference. In a exclusive agency listing, if the owner sells it themselves, the agent gets no commission.

Which type of listing agreement allows the seller to sell his property without paying a commission to the listing broker quizlet?

In an exclusive-agency listing, one broker is authorized to act as the exclusive agent of the principal, who retains the right to sell the property without obligation to the broker. True. Under an exclusive-agency listing, the seller retains the right to sell the property without the obligation to pay the broker.

Who is an intermediary between a buyer and a seller?

An intermediary is a broker who negotiates a real estate transaction between two parties when a broker, or a sales agent sponsored by the broker, has obtained written consent from the parties to represent both the buyer and the seller. A broker acting as an intermediary can make appointments in some circumstances.

Which of the following is not a way in which a listing agreement may terminate?

Which of the following is not a way in which a listing agreement may terminate? Explanation: A listing agreement may not be terminated through abandonment. (Abandonment is a method for terminating an easement.)

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When a listed property is sold the listing agreement is?

A listing agreement authorizes the broker to represent the seller and their property to third parties. The listing agreement is an employment contract rather than a real estate contract: The broker is hired to represent the seller, but no property is transferred between the two.

What is the appropriate remedy for a broker against a seller who wrongfully refuses to pay an earned commission?

what is the appropriate remedy for a broker against a seller who wrongfully refuses to pay an earned commission? the broker should identify the prospect to the seller to secure his procuring cause position.

What information is not needed for a listing agreement?

The answer is – the age of the seller. Information needed for the listing agreement includes lot size, possibility of seller financing, and the property taxes. The age of the seller is not needed.

Which kind of listing gives one broker the right to sell but allows the owner to sell the property and not owe a commission to the broker?

An exclusive agency listing agreement gives a broker the right to market and sell a property for a specified time period, while the owner retains the right to find a buyer and sell the property without owing the broker a commission.

What is meant by first substantive contact?

Typically defined as the earliest practicable opportunity during a conversation with a consumer. This can occur prior to entering into a listing agreement, prior to showing a property, or even at an open house.

What is an agreement to show property?

The broker specifies the name(s) of one or more buyer clients she or he would like to show the apartment to. If the property is sold to any of the named buyers in the One Time Showing Agreement, the seller agrees to pay the broker the commission specified in the agreement.

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What document provided by the seller describes the condition of the property?

The document provided by the seller that described the condition of the property is known as the Transfer Disclosure Statement. As a buyer, you should receive this document during the contract contingency period.

Under which of the following listing agreements must a seller pay a commission to the listing company even if the seller procures the buyer?

In an open listing agreement, the seller agrees to pay the listing agent a commission only if the agent is the procuring cause of the sale. Real estate firms disfavor open listing agreements and many multiple listing associations prohibit them.

How can a listing agreement be terminated?

Death, insanity, and bankruptcy of either broker or seller can terminate a listing agreement almost automatically. If you’ve worked with a realtor and then went for-sale-by-owner (FSBO), you would still need to pay commission if you’re within the window of an exclusive right-to-sell agreement.