Term
| Things to do at listing appointment |
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Definition
Provide and explain the Consumer Notice
Inspect the premises, paying special note to positive and negative aspects of the property
Uncover the sellers expectations and concerns regarding selling as well as selecting an agent
Present a current Competitive Market Analysis CMA
Agree on a Listing Price
Complete teh seller's disclosure form and listing agreement and get the seller's signature |
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Term
| Things to do to Service the Listing |
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Definition
Promote the sale of the property to the public and to other real estate professionals
Keep records of the advertising, showings, and responses from potential buyers and agents
Keep the seller informed regularly
Make recommendations where appropriate |
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Term
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Definition
Explain the offer, including contingencies, and the purchaser's ability to qualify for the mortgage loan described in the offer
Identify and explain any concerns that you may have and steps that you recommend to protect the seller's best interest
Provide the seller w/an estimate of settlement costs
Obtain the seller's approval or negotiate a counter offer |
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Term
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Definition
Designates th elisting broker as an exclusive agend of the seller, cooperating brokerw will work as agent of the buyer or, a subage of the seller (if seller gives written consent)
Specifies the terms and conditions under which the broker is authorized to market the property,
Establishes the lising brokerage company's fee, and specifies that if the property sells during listing term, the brokerage will be paid regardless of who finds the purchaser |
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Term
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Definition
Designates the listing broker as an exclusive agent of teh seller and cooperating brokers will act as agents of the buyer or agent of the listing broker and subagent of the seller.
Specifies terms and conditions of the agreement
Establishes the listing brokerage company's fee and specifies that, if the property sells during the listing term, the brokerage fee will be paid if anyone other than the Seller finds the purchaser |
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Term
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Definition
Designates the listing broker as an agent but not an exclusive agent of the seller. Specifies terms and conditions of agreement
Establishes the listing brokerage's fee and specifies this will only be paid if the listing broker finds the buyer. The seller reserves the right to find a buyer w/out payin a brokerage fee
If this agreement is oral, the licensee must provide a written memo, stating the terms of the agreement |
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Term
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Definition
The listing price does not include the brokerage fee. The broker receives a fee if: The purchase price exceeds the sale price, or the buyer pays the fee.
This can be written in the form of an exclusive right to sell, an exclusive agency, or an open listing.
Basically a seller says I don't care what you sell the house for, I want to net $200,000 do what you have to |
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Term
| Statements that CANNOT appear on an exclusive listing contract |
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Definition
A duration exceeding one year
An automatic renewal caluse
A clause erquiring a cancellation notice to terminate at the end of the term
A clause authorizing the broker to sign an Agreement of Sale or lease on behalf of the owner
An option by the broker to purchase the listed property
A confession of judgement in favor of the broker |
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Term
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Definition
| A written agreement in which the defendant admits liability and accepts the amount of agreed-upon damages she must pay o plaintiff and agrees that the statement may be filed as a court judgment against her if she does not pay or perform as agreed |
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Term
| Real Estate Sellers Disclosure Act for PA |
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Definition
Applies to transfers of 1-4 family dwellings.
All sellers, FSBO's included, must disclose to buyer any material defects that would have a significan adverse impact on the value of the property.
The agent for the seller must advise teh seller of the duties under this act and must provide a disclosure form
If an item is unknown or unavailable when disclosure is required, seller shall make disclosure based on the best info available, but the seller is not required to make any investigation |
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Term
TRUE/FALSE according to Sellers Disclosure Act
The delivery of th edisclosure to one buyer is deemed to be delivery to all buyers |
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Definition
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Term
TRUE/FALSE according to Sellers Disclosure Act
The specific form must be signed and dated by the seller and delivered to the buyer any time after their signing by the prospective buyer of a document that requires the buyer to accept a transfer of the p |
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Definition
| FALSE must be delivered before |
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Term
ThTRUE/FALSE according to Sellers Disclosure Act
The seller shall not make any representations which he or the agent know or has reason to know is false, deceptive, or misleading, nor fail to disclose a material defect |
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Definition
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Term
TRUE/FALSE according to Sellers Disclosure Act
Penalty for non-compliance shall not invalidate a property transfer, but any person who willfully or negiligently violates or fails to comply shall be liable in the amount of actual damages suffered by the |
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Definition
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Term
The seller shall be held liable for any error, inaccuracy or ommission even if the seller had no knowledge of the error or omission
or the seller had reson to believe the item had been corrected
Or the error was based on info from a public agency, l |
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Definition
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Term
TRUE/FALSE according to Sellers Disclosure Act
an agent of the seller or buyer shall not be liable fo rany violation of this act unless the agent had actual knowledge of a material defect that was not disclosed to the buyer or any misrepresentation rel |
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Definition
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Term
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Definition
paid in return for services such as listing a property, property management services, or buyer representation services.
anyone can pay as long as all parties know who is representing whom in the transaction, all agents act in a way which is consistent w/their agency relationship, all parties know and udnerstand hwo the brokerage feel will be paid. |
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Term
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Definition
| attempting to alter a contract between other parties. While negotiating for the seller to pay the fee of the buyers agent, the buyer attempts to reduce the feel the seller agered to pay teh seller's agent in the listing agreement. |
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Term
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Definition
| the broker who initiated a series of events that without breaking the continuity, resulted in the sale of the property. |
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Term
| Broker compensation can be expressed as: |
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Definition
Flat fee
Percentage of sale price, rent etc.
Hourly fee plus expenses
Percentage plus expenses |
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Term
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Definition
Comes only from their employing broker
Salary, draw, or commission. |
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Term
MATH
Sale price X Commission rate = ? |
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Definition
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