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Exclusive Right (or Authorization) to Sell


General Agency


Net Listing


Open Listing




Special Agency








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