Term
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Definition
| a written employment agreement that creates an 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 to negotiate on behalf of the buyer. |
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Term
| exclusive agency listing contract |
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Definition
| gives the listing broker the exclusive right to market the seller's property. 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
| gives 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, NO MATTER WHO procures the buyer. |
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Term
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Definition
| relationship created through words, written or orally spoken. |
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Term
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Definition
| 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
| relationship created between parties as evidenced by their ACTIONS |
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Term
| one-party listing contract |
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Definition
| 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
| 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
| is authorized by a principal to perform one particular act or transaction. |
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