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Chapter 20 ________________ The Principal-Broker Relationship: Employment

Chapter 20 ________________ The Principal-Broker Relationship: Employment. Listing Agreement. An employment contract between the owner/seller and the real estate broker. Listing Contract Types. Exclusive right to sell Exclusive agency Open listing Net listing. Exclusive Right to Sell.

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Chapter 20 ________________ The Principal-Broker Relationship: Employment

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  1. Chapter 20________________The Principal-Broker Relationship: Employment

  2. Listing Agreement • An employment contract between the owner/seller and the real estate broker.

  3. Listing Contract Types • Exclusive right to sell • Exclusive agency • Open listing • Net listing

  4. Exclusive Right to Sell • The listing broker is entitled to a commission no matter who sells the property during the listing period. • This is the most common type of listing.

  5. Exclusive agency • Similar to the exclusive right to sell except the owner may sell the property himself during the listing period and not owe a fee to the broker. • Broker may be less enthusiastic under this form of listing.

  6. Open listing • There are no exclusive rights. • Whoever sells the property will earn the fee. • Brokers are reluctant to develop a sales effort.

  7. Net listing • Owner states the price he wants for the property and agrees to pay the broker anything above this amount as commission.

  8. Buyer Representation • Exclusive Authority to Purchase – an agreement where the broker works for the client, the buyer! • Primary responsibility is to the purchaser. • Principal is now the Buyer. • Buyer Agency!

  9. MLS • A service among REALTOR® members to offer compensation to other member brokers and increase the market exposure for the listed property.

  10. Broker Compensation • Commission earned when agreed between owner and broker. • Usually occurs when a “ready, willing and able buyer” is produced. • Procuring cause is the one whose efforts originated the procurement of the sale.

  11. Terminating the Agreement • Mutual agreement • Abandonment

  12. Key Terms • Advance fee listing • Exclusive authority to purchase • Exclusive right to sell • Multiple listing service (MLS) • Net listing • Ready, willing, and able buyer • Real estate listing

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