Chapter 7 - Chapter 7: Listing Agreements and Buyer...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 7: Listing Agreements and Buyer Representation - Listing agreement: an employment contract and agency agreement rather than a real estate contract o Contract for personal professional services of broker, not for transfer of real estate. o Creates special agency relationship between principal (owner of property) and broker (the agent). o Only broker can act as agent to list, sell, rent, or purchase another person’s real estate and provide other services to principal. Salesperson performing these does so in name of and under supervision of broker. Types of Listing Agreements - Exclusive-right-to-sell listing: one broker appointed as seller’s sole agent. o Broker given exclusive right (authorization) to market seller’s property. o If property sold while listing in effect, seller must pay broker commission regardless of who sells property . o This one is most commonly used in Ohio. -
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Chapter 7 - Chapter 7: Listing Agreements and Buyer...

This preview shows document pages 1 - 2. Sign up to view the full document.

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