Maryland Real Estate - Chapter 10

what is a listing agreement

between the seller and a broker, it belongs to the broker not the agent

what is exclusive right to sell

one broker is the rep and they are the only one who can market the home and receive commission from it, regardless of who brings in the buyer

what is exclusive agency listing

broker has exclusive right to sell but the seller can also bring in the buyer and pay broker no commission from that

what is an open listing

seller can use multiple brokerages and only one broker needs to bring in a buyer to get commission, should always be in writing

what is net listing

seller gets paid net amount of the sale and the rest goes to broker, this is usually illegal

what is multiple listing clause

the broker is allowed to list the property on MLS, this must be consented by the seller

what must a listing agreement always have

an expiration date, usually cant have an automatic extension clause

what is broker protection clause

broker will still get paid for the sale even if the agreement expired and they procurred the buyer

what is listing presentation

when the principle finds out all efforts broker will go to to sell the homewh

at is the comparative market analysis

where broker gets a sense for how much a property will sell for, this is not an appraisal however

what must be included in a listing agreement

names and relationship of owners

address and legal property description

improvement details

rooms and sizes

lot dimensions

exisiting loans on the home

seller financing options

special assesment amounts

zoning

property taxes

neighborhood amentities

real property to be removed

any disclosures needed

what are listing agreement provisions

names of all in contract

brokerage name, employing broker and agent

adreess, legal description, lot size, tax parcel number

brokers authority and responsibilities

brokers compensation

real and personal property

leased equipment

proposed closing date

closing personal

evidence of ownership

encumberances

home warranty program

contract termination

owner warranties

hold harmless warning

signatures

dates

what is buyer representation agreemetn

broker will find the buyer a suitable home

what is exclusive buyer rep agreement

buyer works with 1 broker but broker can still maintain other clients

what is nonexclusive buyer rep

when a buyer is buying property in multiple locations