Representation for ONE transaction
only. Answer
Representation for more than one
transaction, and for business purposes only.
Answer
Type of listing where the seller can hire
as many brokers as they want (they DO have to have a signed contract with each
one), they only owe a commission to the broker that produces an acceptable
buyer, and they can still sell it on their own and not owe any commission at
all. A good example of a unilateral
contract, because the agent is NOT obligated to market the property, but the
seller is obligated to pay a commission if the agent produces an acceptable
buyer (meaning the seller signed the sales contract). Answer
One who empowers another to act on his or
her behalf. The person who authorizes
the right to be represented. The
client. Answer
Someone who is NOT being represented. A party who has the right to be treated
fairly and honestly, but does not have anyone looking out for their best
interest. Could be a buyer or seller
that is NOT being represented. Answer
Type of listing where there is only one
broker hired, and that broker is entitled to a commission if the property sells
during the listing term, no matter who sells the property. Answer
A listing where the broker guarantees the
seller that they will NET a certain amount of money, and the broker keeps
anything over that amount as their commission.
Illegal in most states. Answer