Print Objectives 1. Define the different types of listing agreements. 2. Describe how listings are fulfilled and terminated. 3. Explain the provisions typically found in exclusive listing agreements, including buyer agency agreements. 4. Discuss the property disclosures and notices sellers are required to provide to buyers. Contents • Listing Property • Types of Listings • Exclusive Right To Sell Agreement • Exclusive Agency Agreement • Open Listing Agreement • Net Listing • Multiple Listing • Obtaining Listings • Terminating Listings - Fulfillment • Fulfillment - Responsibilities • Fulfillment – Compensation and Procuring Cause • Fulfillment – Compensation for Buyer Brokers • Causes for Termination • Revoking a Listing • Sample Listing Agreement • Sample Exclusive Agency Addendum • Exclusive Buyer Agency Agreement • Property Disclosures and Notices • Seller’s Disclosure of Property Condition • Lead-Based Paint Disclosure • Membership In Property Owners Association(s) • Statutory Tax Districts • Tide Waters • Annexation • Property Located In A Certificated Service Area Of A Utility Service Provider Texas Principles of Real Estate I Chapter 17: Section 12- Listing Agreements: Listing Agreements 1 . Section 12- Listing Agreements: Listing Agreements
• Addendum For Property In A Propane Gas System Service Area • Public Improvement Districts • Transfer Fees • Seller's Disclosure of Location of Conditions under Surface of Unimproved Real Property End of Page Every real estate transaction involves bringing together a buyer and a seller or a landlord and a tenant. A broker may represent any principal party of a transaction: seller, landlord, buyer, or tenant. • An owner listing authorizes a broker to represent an owner or landlord. • A buyer agency or tenant representation agreement authorizes a broker to represent a buyer or tenant. The Texas Real Estate License Act states that only brokers may list, sell or rent property. Agents have authority to list, but all listings must be done in the name of a licensed broker. If brokers are to receive commissions, TRELA states that the listing must be in writing , and is required to be signed by the seller who promises to pay the commission. In order to avoid legal issues, the broker must have a valid license at the time the commission came due, and that the required notice the seller signed was given. End of Page The listing agreement is a legally-binding contract that creates an agency relationship authorizing a broker to serve as the agent for a principal in a real estate transaction. Most listing agreements are bilateral employment contracts – meaning that the owner hires the broker and promises to pay a commission in exchange for the broker’s promise to locate a “ready, willing and able” buyer or tenant for the owner.
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- Fall '16