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REP_OH.06 - CM 426 REP 6 LISTING AGREEMENTS I LISTING...

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CM 426 -- REP 6 LISTING AGREEMENTS I. LISTING AGREEMENTS A. EMPLOYMENT CONTRACT FOR PERSONAL PROFESSIONAL SERVICES OF THE BROKER B. NOT A REAL ESTATE CONTRACT -- DOES NOT TRANSFER REAL ESTATE C. MOST STATE’S STATUTE OF FRAUDS REQUIRE A LISTING AGREEMENT TO BE IN WRITING D. CREATES AN AGENCY RELATIONSHIP BETWEEN PRINCIPAL AND BROKER II. TYPES OF LISTING AGREEMENTS A. EXCLUSIVE-RIGHT-TO-SELL 1. ONE BROKER IS SOLE AGENT OF SELLER 2. IF LISTING IS IN EFFECT SELLER MUST PAY THE BROKER A COMMISSION, REGARDLESS OF WHO SELLS 3. GREATEST LISTING PROTECTION FOR BROKER 4. BROKER SHOULD SPEND MORE EFFORT SELLING B. EXCLUSIVE-AGENCY LISTING 1. ONE BROKER IS EXCLUSIVE AGENT OF PRINCIPAL 2. SELLER RETAINS RIGHT TO SELL WITHOUT OBLIGATION TO BROKER 3. SELLER ONLY PAYS COMMISSION IF BROKER OR SUBAGENT SELLS THE PROPERTY C. OPEN LISTING (AKA NONEXCLUSIVE OR GENERAL LISTING) 1. SELLER MAY RETAIN ANY NUMBER OF BROKERS OR SELL PROPERTY HIMSELF
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2. SELLER IS OBLIGATED TO PAY COMMISSION TO ONLY TO A BROKER WHO PRODUCES A READY, WILLING AND ABLE BUYER 3.
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