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Questions and Answers
What is the purpose of the Seller's Listing Agreement?
What is the purpose of the Seller's Listing Agreement?
What must the seller pay the broker according to the brokerage fee agreement?
What must the seller pay the broker according to the brokerage fee agreement?
What happens if the property is withdrawn from sale without the broker's consent?
What happens if the property is withdrawn from sale without the broker's consent?
What is established during the retainer period in the Seller's Listing Agreement?
What is established during the retainer period in the Seller's Listing Agreement?
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What is one of the responsibilities the seller agrees to cover during a sale?
What is one of the responsibilities the seller agrees to cover during a sale?
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What is required from the buyer regarding existing loans when the cash down payment is made?
What is required from the buyer regarding existing loans when the cash down payment is made?
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What percentage of interest is specified for the note and trust deed to the seller?
What percentage of interest is specified for the note and trust deed to the seller?
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Which item is specifically mentioned as part of the costs the seller agrees to pay?
Which item is specifically mentioned as part of the costs the seller agrees to pay?
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What happens if the Seller enters negotiations with a prospective buyer after the termination of the agreement?
What happens if the Seller enters negotiations with a prospective buyer after the termination of the agreement?
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Within how many days must the Broker notify the Seller of identified prospective buyers after the agreement terminates?
Within how many days must the Broker notify the Seller of identified prospective buyers after the agreement terminates?
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What is the payment to the Broker if the agreement terminates without the Seller being obligated to pay a fee?
What is the payment to the Broker if the agreement terminates without the Seller being obligated to pay a fee?
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What authorization does the Seller provide to the Broker regarding property signs?
What authorization does the Seller provide to the Broker regarding property signs?
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If a dispute arises from the agreement, what is the first step the parties must take?
If a dispute arises from the agreement, what is the first step the parties must take?
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What may the Broker do with other brokers according to the terms of the agreement?
What may the Broker do with other brokers according to the terms of the agreement?
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What must the Seller acknowledge receipt of according to the agreement?
What must the Seller acknowledge receipt of according to the agreement?
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What may the prevailing party in a dispute claim if they did not first offer to enter into mediation?
What may the prevailing party in a dispute claim if they did not first offer to enter into mediation?
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What type of property issues is addressed by the Residential Earthquake Hazards Report?
What type of property issues is addressed by the Residential Earthquake Hazards Report?
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What aspect of personal property is included in the real estate terms?
What aspect of personal property is included in the real estate terms?
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What does the MLS property profile refer to?
What does the MLS property profile refer to?
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What type of disclosure is required regarding Lead-Based Paint?
What type of disclosure is required regarding Lead-Based Paint?
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Study Notes
Seller's Listing Agreement
- Purpose: Used to employ a real estate agent for a fixed period to sell a property.
- Date: Important for specifying the listing period.
- Retainer Period: Sets the exclusive right of the agent to market, negotiate, and sell the property until termination date.
- Brokerage Fee: Negotiable percentage of purchase price paid to the broker. Can be stated as a fixed amount per hour of work up to a certain limit.
- Seller's Deposit: Payment made to the broker for managing the property and transactions.
- Conditions for Fee payment: Broker's compensation is triggered if the property is sold during the listing agreement period(through buyer or exchanger procured by the Broker), the property is withdrawn from sale before the period end without the agent's consent or a transaction occurs with a prospective buyer within a year by the agent.
- General Provisions: Includes details such as the agency law disclosure, property inspection, cooperating brokers, and acceptance of offers. Also provides a non binding mediation requirement for future disputes.
- Option Terms: Possibility for the buyer to purchase the property at a specified price during a certain time(if any option terms exist).
- Real Estate: Provides details such as the type of loan(s) that exist on the property and liens that may be in place.
- Personal Property Included: Items included in the sale(if any).
- Sale Terms: Details the price, payment method, and other key conditions related to the sale.
- Exchange Terms: Details of exchanging the property.
Real Estate Addendum
- Encumbrances: Specifies existing loans and liens on the property.
- Personal Property: Defines personal property included in the sale.
Additional Notes
- RPI Forms: Various forms referenced for details related to the disclosure and specifics of the listed property, some are related to the real estate agency(RPI form means Realty Publishing Inc. forms).
- Legal Considerations: Indicates that the agreement will follow California law.
- Specific Disclosures: Details such as home warranty policy, local ordinance compliance, well water reports are considered crucial for the agreement.
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Description
This quiz explores the key components of a Seller's Listing Agreement, including its purpose, retainer period, brokerage fees, and conditions for fee payment. Understand how these elements work together to facilitate the sale of a property through a real estate agent.
