Listing agreements
are agreements by which the seller authorizes a broker to offer property for sale and agrees to pay a commission.
If the listing is not written, the broker must deliver the memorandum of the agreement to the seller within____days.
Five
All listings must be taken in the name of the ____
Broker
NJ recognizes 3 types of listings which are?
1. Open listing 2. Exclusive Agency listing 3. Exclusive right- to -sell listing
An Open listing........
may be given to any number of agents, with the commission going to the one who effects the sale. The owners may sell on their own without owing any commission.
An Exclusive agency listing authorizes.....
one broker to handle the property with the owner reserving the right to sell on his or own without paying commission.
An exclusive -right-to-sell listing authorizes....
one broker to handle the property and to receive commission if the property is sold by anyone during the listing period.
A net listing is ILLEGAL in NJ and allows...
the broker to keep anything received above a certain sale price by the owner.
A multiple listing service is organized by a
group of brokers who cooperate in the sale of each other's listings. Sellers may choose not to allow their property into the multiple listing, if they wish.
Every listing must contain a .....
1. definite expiration date and 2. must be signed by all owners. A signed copy must be given to the owners immediately, along with the attorney general memorandum on the New Jersey Law Against Discrimination.
A broker should furnish the seller with a ______ to aid in establishing the listing price.
Comparative Market Analysis