Term
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Definition
| Employment contract between a broker and a buyer or seller. It is a contract for the services of the broker, not for the transfer of real estate |
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Term
| Exclusive right-to-sell listing |
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Definition
| One broker is appointed as the seller's sole agent. If the property is sold while the listing is in effect, the seller must pay the broker a commission, regardless of who sells the property. |
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Term
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Definition
| One broker is authorized to act as the exclusive agent of the principal. The seller retains the right to sell the property without FSBO without the obligation to pay the broker. |
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Term
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Definition
| The seller retains the right to employ any number of brokers as agents. The brokers can act simultaneously, and the seller is obligated to pay a commission to only the broker who successfully produces a buyer. |
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Term
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Definition
| a marketing organization whose broker members make their own exclusive listings available through other brokers and gain access to other brokers' listed properties as well. |
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Term
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Definition
| Provision specifies that the seller will receive a net amount of money from any sale, with the excess going to the listing broker as commission. |
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Term
| automatic extension clauses |
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Definition
| extend listing agreements for a period past the contract expiration unless cancelled in writing. Illegal in most states. |
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Term
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Definition
| the property owner will pay the listing broker a commission if, within a specified number of days after the listing expires, the owner transfers the property to someone the broker originally introduced to the owner. |
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Term
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Definition
| employment contract between broker and buyer for broker's services. |
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