History /Real Estate Notes Georgia Exam Prep: Real Estate Practice Part 2
In this type of agreement, the seller may retain one or more brokers and still maintain the right to sell or rent the property without a broker’s help and avoid paying a commission to the broker(s). If a broker brings the buyer to the transaction, that broker will receive a commission.
open listing agreement
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Key Terms
Term
Definition
In this type of agreement, the seller may retain one or more brokers and still maintain the right to sell or rent the property without a broker’s help and avoid paying a commission to the broker(s). If a broker brings the buyer to the transaction, that broker will receive a commission.
open listing agreement
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it permit the seller to set a specific amount for the property sale or rental. The broker gets to keep any amount over that set amount. These listings can create conflicts between the client’s interests and the broker’s self-interest, so they’re illegal in Georgia, as well as in many other states.
Net listing agreements
it gives the broker the right to a commission when the property sells after the agreement terminates if the buyer was exposed to the property during the listing agreement’s term
The safety clause
it declares that the seller owns the property and has title to it
The seller warranty
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it is an agreement to cooperate with the broker by referring all sale-related inquiries to the broker during the agreement term period
Seller cooperation clause
When it comes to special stipulations
handwritten provisions supersede typewritten provisions, which supersede preprinted provisions.
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| Term | Definition |
|---|---|
In this type of agreement, the seller may retain one or more brokers and still maintain the right to sell or rent the property without a broker’s help and avoid paying a commission to the broker(s). If a broker brings the buyer to the transaction, that broker will receive a commission. | open listing agreement |
it permit the seller to set a specific amount for the property sale or rental. The broker gets to keep any amount over that set amount. These listings can create conflicts between the client’s interests and the broker’s self-interest, so they’re illegal in Georgia, as well as in many other states. | Net listing agreements |
it gives the broker the right to a commission when the property sells after the agreement terminates if the buyer was exposed to the property during the listing agreement’s term | The safety clause |
it declares that the seller owns the property and has title to it | The seller warranty |
it is an agreement to cooperate with the broker by referring all sale-related inquiries to the broker during the agreement term period | Seller cooperation clause |
When it comes to special stipulations | handwritten provisions supersede typewritten provisions, which supersede preprinted provisions. |
The listing agreement engages two parties: | the seller (aka the principal) and the broker (the agent). |
A listing agreement that involves both a broker and the broker's sales associate comprises two agency relationships: | one between the broker and seller and one between the broker and the sales associate. |
According to Georgia license law, only a broker has an agency relationship with | the seller. So, although a sales associate may find the seller who signs the listing agreement, the listing is a contract between the seller and the broker. |
Sales associates should make written disclosures to both the broker and the client during the sale process, such as: | Comparative market analyses; Names of buyer prospects; Copies of all ads and marketing materials; Statuses of offers and counter-offers |
Sales associate duties for the seller client include: | Creating advertising; Showing the property; Communicating with other licensees; Negotiating with prospective buyers; Maintaining the seller’s confidential information; Treating all parties with fairness and honesty |
Sellers don’t need to disclose that the property: | Was ever occupied by someone who had a disease; Was the site of a murder, suicide, accidental or natural death, or a felony |
Potential buyers need to know ahead of time all of the costs associated with the property in order to make an informed decision as to the property’s overall affordability. These costs include: | Property taxes; Insurance premiums; Utility fees; Mandatory association fees |
The Property Management Contract must have an | offer and acceptance, consideration, reality of consent, legality of object, and competent parties |
The Property Management Contract should include | The competent parties’ names and signatures; A property description; The agreement’s term; The property manager’s responsibilities; The owner’s responsibilities and obligations; Compensation for management services |
Condominiums are regulated by | state law and can be any type of property. |
Two different forms of ownership interests in a condominium exist: | 1 Units are distinct segments of space to which each owner holds fee simple title individually from all the other owners. 2 Common elements belong to all the owners, such as the lobby, gym, clubhouse, stairwells, etc. |
Which clause in the sales contract says that all dates in the contract are strictly enforceable? | Time is of the Essence |
Which section of the sales contract says that certain unmet obligations will continue or be completed even after closing? | Survival of the Agreement |
Francine moved out of the Georgia property she was renting, and she left it in pristine condition when she returned the keys. How long after she moves out does the property manager have to return her security deposit? | One month |