a. Nonexclusive listing; the nonexclusive right to secure a purchaser,given by a property owner to a real estate agent; more than oneagent may be given such authorization, and only the first to procure aready, willing, and able buyer""or an offer acceptable to theseller""will be entitled to compensation. (Real Estate Principles, RealEstate Practice). b. A listing in which the owner of the property givesthe right to sell or lease a property to a number of brokers, who thencan work simultaneously to effect a sale or lease. Compensation isowed to the broker who procures a ready, willing, and able buyer ortenant. (Real Estate Brokerage). c. Nonexclusive-right-to-sell listings.(Real Estate Law).An act that disturbs the use orenjoyment of the property ofanother.35b
Opinions Of Title:Or More Clause:Option:Ostensible Agency:Optional Advances:Parol Evidence Rule:Option Listing:Partially Amortized Loan:Order Paper:Partial Zoning:36a
A clause that allows debtor toincrease payments withoutprepayment penalties.Opinions of the marketability of atitle given by an attorney based onthe abstract of title.a. Holding out an agency relationship onwhich another relies. (Real Estate Principles).b. An agency created by implication whenthe principal intentionally, or by want ofordinary care, causes a third person tobelieve another person is the agent of theprincipal, although no actual agency exists.(Real Estate Law).a. A right given for a consideration to purchase or lease property onspecified terms within a specified time, with no obligation on the partof the person receiving the right to exercise it. (Real Estate Principles,Real Estate Practice). b. An irrevocable right given to one party tobind another party to an agreement if the party wishes to do so. (RealEstate Law). c. A right given for a valuable consideration to purchaseor lease property at a future date, for a specified price and terms. Theright may or may not be exercised at the option holder's (optionee's)discretion. (Fundamentals of Real Estate Appraisal). d. An agreementto keep open for a set period an offer to sell or purchase property.(Real Estate Economics).The general rule that verbalevidence cannot be used to modifya clearly written contract.Advances on a loan that the lenderis not obligated to make.A loan in which payments fail toliquidate loan by due date, resultingin a final balloon payment.a. A listing agreement that gives the listing brokerthe right to purchase the listed property; because ofthe potential for the appearance of impropriety, ifthe option is exercised the principal should beinformed of the broker's profit in the transaction andagree to it in writing. (Real Estate Principles). b. Alisting combined with an option of the agent topurchase the property. (Real Estate Law).