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Related Flashcards
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Cards In This Set
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A principle-agent relationship in which the broker is the agent for the buyer, with fiduciary responsibilities to the buyer. The broker represents the buyer under the law of agency.
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Buyer Agency Agreement
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CMA
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Comparative Market Analysis
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A written analysis, opinion or conclusion by a contracted buyer's agent, transaction licensee, or an actual or potential seller's agent relating to the probably price of a specified piece of real estate
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Comparative Market Analysis
(CMA)
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Exclusive Agency Listing
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1. There is only one authorized broker-agent.
2. The broker is compensated only if the procuring cause.
3. The seller retains the right to sell without obligation.
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Exclusive Right to Sell Listing
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1. One authorized broker-agent receives a commission.
2. Seller pays broker-agent regardless of who sells property.
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Listing where the broker is entitled to any amount exceeding the seller's stated net proceeds.
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Net Listing
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Listing where the seller retains the right to contract with any number of brokers as agents. Brokers act simultaneously, and the seller is obligated to compensate only the broker who successfully produces a ready, willing, and able buyer.
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Open Listing
(Also known as nonexclusive listing)
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Requires sellers of residential real properties (an individual, partnership, corporation, trustee, or combination) who intend to transfer an intereste in a one to four family residential property to disclose to the buyer all material defects.
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Real Estate Disclosure Act
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Agency agreements are _________ for the personal professional services of the broker and are not contracts for the transfer of real estate or a real estate interest.
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Employment Contracts
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The _____________ requires a written agreement between a broker and a consumer when the consumer is or may be obligated to compensate the broker for services.
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Pennsylvania Licensing Law
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The ____________ provides information about the types of business relationships that are permitted and the duties owed to a consumer who receives real estate services.
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The Consumer Notice
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An employment contract between a broker and a seller.
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A Listing Agreement
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Types of Listing Agreements
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1. Exclusive Right to Sell Listing
2. Exclusive Agency Listing
3. Open Listing
4. Net Listing
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1, 2 & 3 Reasons Listing Agreement Can be Terminated:
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1. Agreements purpose is fulfilled
2. Agreements Terms Expires
3. If the title to teh property is transferred by operation of law, as in the case of the owner's bankruptcy or foreclosure.
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4,5 & 6 Reasons Listing Agreements Can be terminated:
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4. If the broker & seller mutually agree to cancel the listing
5. If either the broker or the seller dies or becomes incapitated (if the salesperson dies or becomes incapacitated the listing is still valid)
6. If the property is destroyed or its use is changed by some force outside the owner's control such as a change in zoning or condemnation by eminent domain
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