Open listing agreement also known as a simple listing

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Open Listing Agreement:(also known as a “simplelisting”or a “generallisting”)A type of listing agreement in which more than one broker may be employed to sell the property, but only the broker who is the procuring cause of the sale receives a commission. Additionally, the owner is not obligated to pay anyone a commission if the owner sells the property himself or herself; i.e., if no broker is the procuring cause of the sale. Open listings are often used by builders and developers who agree to pay a sales commission to any broker who procures a buyer for a house or lot in a designated subdivision. Owner's Bundle of Rights:The intangible ownership rights associated with real property rather than real estate, including the right to control the property within the framework of the law, the right of exclusion, the right of possession, the right of disposition, and the right of enjoyment. These rights are what distinguish real estate from real property; the latter notion includes these rights, whereas the former includes only the land and that which is permanently attached to it. Parcel:A piece of land or realty. Partial Claim:Financed by the FHA insurance fund, a one-time-only interest-free loan that brings a borrower’smortgage payments up to date. Passing Papers:A closing transaction in which the principals meet face-to-face and exchange documents. This phrase is sometimes also used informally to refer to closing in general, but it most accurately describes a closing in which the principals meet to exchange documents.
Texas Principles of Real Estate IPage31 of 46Payoff Statement:(sometimes called a “reductioncertificate”or a “mortgagereduction certificate”)A document issued by a mortgage lender (i.e., a mortgagee) that shows the exact amount required to satisfy an existing loan. This document can be useful in nearly all transactions, as it is both the seller and the buyer’sbest interests to have a clear legal picture of a property’smortgage. Percentage Lease:A lease in which the rent structure is based on a percentage of the income brought in by the lessee’sbusiness. It usually stipulates that the rent will be a minimum rental amount plus a percentage of the tenant’ssales and is regularly used for tenants who are retailers. Performance:Successfully carrying out the requirements and obligations of a contract. When one has performedone’s part of a contract, one is generally considered to be free of future liability with respect to contract. Physical Depreciation:A decrease in the value of a property or its improvements due to the deterioration of its physical condition. The reason for this can be the weather or usage etc. PITI:Principal, Interest, Taxes, and Insurance. Polychlorinated Biphenyls (PCBs): PCBs are man-made chemicals, mixtures of up to 209 individual chlorinated compounds. They readily enter the air, water, and soil, and are not easily broken down in the environment. They have not been manufactured in the United States since 1977 because they are harmful to human health, causing skin

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