REP_OH.06

REP_OH.06 - CM 426 REP 6 LISTING AGREEMENTS I LISTING AGREEMENTS A B NOT A REAL ESTATE CONTRACT DOES NOT TRANSFER REAL ESTATE C MOST STATES STATUTE

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2. SELLER IS OBLIGATED TO PAY COMMISSION TO ONLY TO A BROKER WHO PRODUCES A READY, WILLING AND ABLE BUYER 3. IF SELLER SELLS PROPERTY, NO OBLIGATION TO
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/11/2012 for the course CM 426 taught by Professor Markhutchings during the Winter '12 term at BYU.

Page1 / 5

REP_OH.06 - CM 426 REP 6 LISTING AGREEMENTS I LISTING AGREEMENTS A B NOT A REAL ESTATE CONTRACT DOES NOT TRANSFER REAL ESTATE C MOST STATES STATUTE

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online