| Types Of Listing Agreements: | Summary Of Listing Agreements: |
| Exclusive right-to-sell listing. | Seller will employ only one broker and the listing broker is paid no matter who sells the property. This one broker has exclusive rights to advertise and market the property. In short, if the seller finds a buyer with or without the assistance of the broker, commission will be paid regardless of the fact. Benefits of this agreement are brokers can produce a more timely and profitable sale and offers the most advantageous method to receiving a commission. |
| Exclusive agency listing. | Seller will employ one broker with the listing broker only being paid upon procuring a cause of sale. However, the seller retains a right to sell without any obligation to the broker. For the broker this indicates that there is a higher when taking the listing as they are placed in a position that is somewhat in competition with their client to procure a buyer. |
| Open listing. | The seller will employ multiple brokers, to where only one broker will be paid commission. The seller will also maintain the right to sell their property with no obligation to any particular broker. All brokers market the property at the same time as this type of listing should be duly noted in writing to protect the broker that successfully sells the listing when collection of commission is due. Brokers should specify commissions at the time the offer is brought to the seller unless an agreement has been placed prior to any actions taken. |
| Net listing. | With a net listing, brokers are entitled to amounts exceeding the sellers noted net proceeds. This listing stipulates the broker will retain any earnings greater that what was made during the sale. However, this type of listing tends to create a conflict of interest in regard to fiduciary responsibility to the seller and the profits taken by the broker. In some states this is illegal and highly discouraged in others. |
2-3 Assignment: Listing Agreements
Southern New Hampshire University
OL-301-Q2290 Real Estate
References
Galaty, Filmore, Wellington, Allaway, & Kyle, Robert (2018) Modern Real Estate Practice. Kaplan Inc.
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