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Chapter 9
Agency Contracts
| Question | Answer |
|---|---|
| antitrust law | Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinbinations formed to minimize competition. Most violations of antitrust laws in the real estate business involve either price fi |
| buyer-agency agreement | A principle agent relationship in which the broker is the agent for the buyer, with fiduciary responsibilities to the buyer. the borker represents the buyer under the law of agency |
| comparative market analysis (CMA) | A comparison of the prices of recently sold homes that are similar to a listing seller's home in terms of location, style and amenities an estimate of market value |
| employment contract | A document evidencing formal employment between employer and employee or betweeen principal and agent. In real estate, this is generally a listing agreement, a buyer agency agreement or a management agreement |
| exclusive agency listing | A listing contract under which the owner appoints a real estate broker as the exclusive agent for a designated period of time to sell the property on the owners stated terms for a commission. The owner reserves the right to sell without paying anyone a |
| exclusive right to sell listening | A listing contract under which the owner appoints a real esate broker as the exclusive agent for a designated period of time to sell the property on the owners stated terms and agrees to pay the borker a commission when the property is sold regardless of |
| extender clause | A carry over or protection clause in a listing contract that says the listing broker is entitled to commission for a time period after esxpiration of the listing term if the property is transferred to a prospect that the broker introduced to the property |
| fee for service agreement | Arrangement where consumer asks licensee to perform specific real estate services for a set fee, unbundling of services limited service firms |
| frontage | The length of property along te street or waterfront |
| listing agreement | An employment contract between a property owner (as principle) and a real estate firm/broker (as agent) by which the broker is employed to find a ready, willing and able buyer for the owner's real estate on the owner's term for which service the owner agr |
| multiple listing service (MLS) | A marketing organization composed of member brokers who agree to share their listing agreements with one another in the hope of procuring ready, willing and able buyers for their properties more quickly than they could on their own. Most MLSs accept only |
| national do not call registry | A national registry managed by the federal trade commission that list the phone numbers of consumer who prefer to limit the telemarketing calls they receive |
| net listing | A listing based on the net price the seller will receive if the property is sold. Under a net listing the broker can offer the property for sale at the hightest price obtainable to increase the commission. While this type of listing is illegal in many s |
| north carolina residential property disclosure act | The state law that requires sellers to provide a prescribed property disclosure statement to any prospective buyer prior to presentation of first offer on the property. Exemptions include new construction, foreclosed properties and lease purchases but no |
| open listing | A listing agreement under which the broker's commission is contingent on the broker personally producting a ready, willing and able buyer before the property is sold by the seller or another broker |
| override clause | See extender clause - A carry over or protection clause in a listing contract that says the listing broker is entitled to commission for a time period after esxpiration of the listing term if the property is transferred to a prospect that the broker intro |
| price fixing | See antitrust laws - Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinbinations formed to minimize competition. Most violations of antitrust laws in the real estate business in |
| procuring cause | The effort that began a chain of events that brings about the desired result. Under an open listing, the broker who is the procuring cause of the sale receives the commission |
| protection clause / protection period clause | see extender clause - A carry over or protection clause in a listing contract that says the listing broker is entitled to commission for a time period after esxpiration of the listing term if the property is transferred to a prospect that the broker intro |
| puffing | Exaggerated or superlative comments or opinions ex. This house has the best view in town |
| ready, willing and able buyer | One who is prepared to buy property on the sellers terms and is ready to take positive steps to consummate the transaction; one of the agent's requirements for entitlement to commission |
| retainer fee | A small fee paid by the client upon creation of a buyer agency relationship as an advance partial compenstion for services; it may be non refundable or applied to final compensation due depending on the agency agreement |
| success fee | Compensation that is due and payable upon the creation of a valid sales contract for property located by the buyers agent |
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