A listing agreement entitles a real estate broker or agent to a commission if the property sells to any buyer who was introduced by the agent.
The safety protection clause
states the broker is entitled to this commission even if the sale occurs after that broker's listing agreement expires.
What type of listing agreement provides for payment of a commission to the broker?
With an
exclusive agency listing
, one broker is authorized to act as the exclusive agent for the seller. The seller retains the right to sell the property without obligation to the broker. However, the seller is obligated to pay a commission to the broker if the broker is the procuring cause of the sale.
What is an extender clause?
An extender clause is
a contractual provision in an exclusive real estate listing agreement
. This type of clause protects the listing agent by guaranteeing their full commission in the event that the property sells after the listing agreement has already expired.
What does a carryover clause do?
EXTENDER CLAUSE – A “carry over” clause (referred to as a safety clause) contained
in a listing which provides that a broker is still entitled to a commission for a set of period of time after the listing has expired if the property is sold to a former prospect of the broker
.
What is an extension or tail clause?
To protect brokers in this instance, most listing agreements have what is known as a “
broker protection clause
,” also known as an “extension clause” or “tail provision.” The broker protection clause provides that if the owner contracts to sell the property with a buyer who was procured by the broker within a specified …
What is a tail in an engagement letter?
Fee Tail period
An engagement letter is signed when a firm that wants to sell enlists the services of an investment banker to help them find potential buyers. … The tail period
protects bankers who spent time and effort to identify potential buyers
, but whose services were terminated before closing the deal.
What are the three most common types of listings?
What are three most common types of listing?
Open listing, exclusive right to sell listing, and exclusive agency listing thing
.
What is the most desirable type of listing to have?
To alleviate the problem, the agent assigns the agreement to a competing broker. … The agent cannot assign the listing agreement. From an agent's point of view, the most desirable form of listing agreement is
a(n) exclusive right to sell
.
Which type of listing is least attractive to a broker?
| What happens if the broker cancels the listing or otherwise defaults? the client may sue the broker for money damaes | Which type of listing is least attractive to a broker? Open |
|---|
Under which of the following listing agreements can owners of a listed property sell the property on their own without having to pay the listing broker a commission?
D
opinion listing
. under which the following listen agreements can owners of listed property sell the property on their own without having to pay the listing broker commission? a property owner signed a 90 day listing agreement with a broker.
Which document is the most important at closing?
Deeds
are the most important documents in your closing package because they contain the statement that the seller transfers all rights and stakes in the property to the buyer.
What is an override clause in real estate?
The override clause entitles
a listing agreement whose listing agreement has expired to claim a commission where that agent negotiated a sale with the buyer or showed a property to the buyer during
the term of the listing agreement and that buyer ultimately purchases the property.
What is a release clause in real estate?
A release clause is a term that refers
to a provision within a mortgage contract
. The release clause allows for the freeing of all or part of a property from a claim by the creditor after a proportional amount of the mortgage has been paid.
Which type of listing allows a seller to sell the property himself or herself?
An open listing
lets you sell your home by yourself. It is a non-exclusive agreement. This means that you may place open listings with more than one real estate broker. You then pay only the broker who brings a buyer with an offer that you are willing to accept.
What happens when a client terminates a listing agreement before its expiration date?
A client terminates a listing agreement before its expiration date. What happens now?
The client may owe a commission anyway
. Managing broker Todd is often extremely busy supervising his brokerage and training new licensees.
What happens when listing agreement expires?
If your listing contract is expired and you choose not to renew it,
the agent removes your property listing from the MLS, hiding the listing from buyers
. It also means you are no longer obligated to use your real estate agent to sell your home. In essence, you and your house are now free agents.
