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Economics /Virginia Real Estate Principles - Unit 10: Client Representation Agreements

Virginia Real Estate Principles - Unit 10: Client Representation Agreements

Economics8 CardsCreated about 1 month ago

This deck covers key concepts related to client representation agreements in Virginia real estate, including various types of listing agreements and buyer representation.

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Buyer Representation Agreement

A principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer.
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Key Terms

Term
Definition
Buyer Representation Agreement
A principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities...
Comparative Market Analysis (CMA)
A comparison of the prices of recently sold homes that are similar to a listing seller’s home in terms of location, style, and amenities.
Exclusive Agency Listing
A listing contract under which the owner appoints a real estate professional as her exclusive agent for a designated period of time to sell the specif...
Exclusive Buyer Representation Agreement
Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients.
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Exclusive Right-to-sell Listing
A listing contract under which the owner appoints a real estate professional as his exclusive agent for a designated period of time to sell the specif...
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Multiple Listing Service (MLS)
A marketing organization composed of member real estate professionals who agree to share their listing agreements with one another in the hope of proc...
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Virginia Real Estate Principles - Unit 10: Client Representation Agreements
TermDefinition
Buyer Representation Agreement
A principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer.
Comparative Market Analysis (CMA)
A comparison of the prices of recently sold homes that are similar to a listing seller’s home in terms of location, style, and amenities.
Exclusive Agency Listing
A listing contract under which the owner appoints a real estate professional as her exclusive agent for a designated period of time to sell the specified property, on the owner’s stated terms, for a commission. The owner reserves the right to sell the property without paying anyone a commission if the sale is to a prospect who has not been introduced or claimed by the real estate professional.
Exclusive Buyer Representation Agreement
Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients.
Exclusive Right-to-sell Listing
A listing contract under which the owner appoints a real estate professional as his exclusive agent for a designated period of time to sell the specified property on the owner’s stated terms and agrees to pay the real estate professional a commission when the property is sold, whether by the real estate professional, the owner, or another real estate professional.
Multiple Listing Service (MLS)
A marketing organization composed of member real estate professionals who agree to share their listing agreements with one another in the hope of procuring ready, willing, and able buyers for their properties more quickly than they could on their own. Most multiple listing services accept exclusive right-to-sell or exclusive agency listings from their member real estate professionals.
Net Listing
A listing based on the net price the seller will receive if the property is sold. Under a net listing, the real estate professional can offer the property for sale at the highest price obtainable to increase the commission. This type of listing is illegal in many states.
Open Listing
A listing contract under which the real estate professional’s compensation is contingent on the real estate professional producing a ready, willing, and able buyer before the property is sold by the seller or another real estate professional.