1. Chapter 6 Listing Agreements and Buyer Representation

2. Modern Real Estate Practice 17th Edition Listing Agreements  Exclusive-right-to-sell listing  Exclusive-agency listing  Open listing  Multiple-listing (MLS)  Net listing  Option listing

3. Given to any number of brokers Owner can sell and not owe a commission Owner only owes a commission to broker who provides a buyer Not used very often since no protection for broker

4. Owner hires one broker Owner can sell and not owe a commission Owner owes a commission to the listing broker if sold by the broker

5. Owner hires one broker If owner sells the property they still owe a commission Owner owes a commission to broker no matter who sells the property The most common listing type used

6. A net amount to the seller is stated in the listing Broker’s commission is amount in excess of the net amount Illegal in many states

7. Modern Real Estate Practice 17th Edition Termination  purpose is fulfilled  expiration of listing period  property is destroyed or use is changed  title is transferred by law  mutual agreement of the parties  death or incapacity of either party  breach

8. Modern Real Estate Practice 17th Edition Listing Process  CMA  Basic information required  Disclosures

9. Modern Real Estate Practice 17th Edition

10. Listing Agreement Issues  Type of listing agreement  Broker’s authority and responsibilities  Names of all parties  Brokerage firm  Listing price  Real and personal property  Leased equipment

11. Modern Real Estate Practice 17th Edition Listing Agreement Issues  Description of the premises  Proposed closing and possession dates  Closing details  Evidence of ownership  Encumbrances  Home warranty program  Commission

12. Modern Real Estate Practice 17th Edition Listing Agreement Issues  Termination  Broker protection clause  Owner warranties  Indemnification  Equal opportunity  Antitrust  Signatures and date

13. Modern Real Estate Practice 17th Edition Buyer Agency Agreements  Exclusive buyer agency agreement  Exclusive-agency buyer agency agreement  Open buyer agency agreement