19:49
@babycat: please note redheads are EXTREMELY high in both hot and crazy, plus add the rarity (most rare phenotype on earth). TLDR: do not underestimate redheads
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LSDefine
Simple English definitions for legal terms
listing agreement
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A quick definition of listing agreement:
A listing agreement is a contract between a property owner and a real estate agent. The agent agrees to try to find a buyer or tenant for the property at a certain price and terms in exchange for a fee or commission. There are different types of listing agreements, including exclusive-agency, general, multiple, net, and open listings. An exclusive-agency listing means only one agent has the right to sell the property during a specified period. A general listing is also known as an open listing, which allows multiple agents to sell the property. A multiple listing agreement allows the original agent to give other agents a percentage of the commission. A net listing means the agent agrees to sell the property for a set minimum price, and any amount over the minimum is retained as commission. An open listing allows the owner to give selling rights to more than one agent, pay a commission when a specified broker makes a sale, and reserve the right to personally sell the property without paying a commission.
A more thorough explanation:
A listing agreement is a contract between a property owner and a real estate agent. The agreement states that the agent will try to find a buyer or tenant for the property at a certain price and terms in exchange for a fee or commission.
- Exclusive-Agency Listing: This type of listing agreement gives one agent the exclusive right to sell the property during a specified period, but the owner can still sell the property themselves without paying a commission.
- General Listing: Also known as an open listing, this agreement allows the owner to give selling rights to multiple agents at the same time. The owner only pays a commission to the broker who makes the sale.
- Multiple Listing: This agreement allows the original agent to share the listing with other agents, and the commission is split between them if one of them makes the sale.
- Net Listing: In this type of agreement, the agent agrees to sell the property for a set minimum price, and any amount over the minimum is kept by the agent as commission.
For example, if a homeowner wants to sell their house, they may sign an exclusive-agency listing agreement with a real estate agent. This means that the agent has the exclusive right to sell the property for a certain period, and if the homeowner sells the property themselves, they do not have to pay a commission to the agent.
Another example is a general listing agreement, where the homeowner gives selling rights to multiple agents. If one of the agents makes the sale, they receive the commission.
These examples illustrate how a listing agreement works and the different types of agreements that can be made between a property owner and a real estate agent.