open listing Real Estate License Exam Study Guide AgentExamPass.com

Описание: open listing

any broker can sell property, the procuring cause gets paid

A listing is an agreement with a broker/agent to sell real property. There are different types of listings, based on how and to whom a commission is paid. The types of listings are: exclusive authorization / right-to-sell listing, exclusive agency listing, open listing, net listing and option listing. Listing agreements must have an end date. The exclusive authorization / right-to-sell listing requires the owner to pay a commission the broker/agent regardless of who is the procuring cause of the sale. An exclusive agency listing is a listing agreement where a commission is paid only if a broker/agent is the procuring cause, no commission is due if the owner sells the property himself without the agent. In a net listing, there is no commission per se, but the broker/agent agrees that the seller will get a fixed amount for a property, and has permission to sell the property for whatever he can get, the difference is his to keep. An option listing is a right of the broker/agent to buy the property personally, to keep it or resell it. An open listing gives any number of broker/agents the right to sell the property, basically, who ever sells it (is the procuring cause), gets the commission. Remember that the procuring cause is the one who brings a ready, willing and able buyer and basically means the broker/agent who writes up the winning purchase contract. Related Words: listing, agency, procuring cause

Multiple Choice Question

open listing
A any broker can sell property, the procuring cause gets paid
B listing agent gets paid no matter who sells the property
C bidding situation, the highest bidder gets the property
D wall in a home which carries load from above

Correct Answer: a

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