Term
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Definition
| A written employment agreement that creates and agency relationship between a broker and a buyer. The buyer employs the broker to put forth a reasonable effort to find a property for the buyer to purchase and negotiate on behalf of the buyer. |
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Term
| exclusive agency listing contract |
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Definition
| An agency agreement giving the listing broker the exclusive right to market the seller's property. The seller promises to pay a commission to the listing broker if the terms of the contract are fulfilled, except if the buyer is procured by the seller. |
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Term
| exclusive right to sell listing contract |
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Definition
| An agency agreement giving the listing borker the exclusive right to market the seller's property. The seller promises to pay a commission to the listing broker if the terms of the contract are fulfilled, no matter who procures the buyer. |
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Term
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Definition
| An agency relationship created through words, written or orally spoken. |
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Term
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Definition
| A fee or commission paid to an unlicensed person for performing brokerage activity. |
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Term
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Definition
| One who is authorized to conduct all of a principal's affairs within the context of one specific contract. |
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Term
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Definition
| And agency relationship created between parties as evidenced by their actions. |
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Term
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Definition
| A sale in which the listing broker is the only broker in the transaction. |
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Term
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Definition
| An Offer to Purchase that is written at the price and on substantially the terms set forth in the listing. Even if the seller does not accept this offer the broker may be owed a commission. This is a cash, contingency-free offer written for the list price or greater. |
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Term
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Definition
| An agreement whereby brokers pool their listings and offer to cooperate and compensate other brokers. Voluntary organization where members agree to market their properties and offer subagency to other agents. |
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Term
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Definition
| An employment contract in which the broker receives as commission all excess monies over and above the minimum sales price agreed on by broker and seller. |
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Term
| one-party listing contract |
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Definition
| The broker will earn their commission only if they procure a buyer specified in the listing contract. |
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Term
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Definition
| An agency contract between several brokers and a seller. The only broker entitled to a commission is the one that procured the buyer. |
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Term
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Definition
| Uninterrupted chain of events which lead to the sale. The WB-1 Exclusive-Right-To-Sell lisiting contract states a buyer is procured when a valid and binding contract of sale is entered into between the seller and the buyer or when a ready, willing and able buyer submits a written offer at the price on a substantially the terms specified in the listing contract. |
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Term
| ready, willing, and able buyer |
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Definition
| A prospective buyer of the property who is legally capable and financially able to consummate the deal. |
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Term
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Definition
| A way of terminating the rights of the parties under a contract whereby the parties act as if the contract never existed and forfeit their right to sue. |
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Term
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Definition
| One who is authorized by a principal to perform one particular act or transaction. |
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Term
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Definition
| A remedy for breach of contract whereby a party sues the breaching party for cash damages. |
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