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38 Cards in this Set
- Front
- Back
Listing appointment
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Salesperson’s opportunity to get the listing from the prospective seller. Where each salesperson gives a listing presentation to persuade the prospective seller that he or she is the specialist who will sell the home
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Listing package
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Include information about the seller’s property, professional details about you and your brokerage, samples of your advertising and marketing pieces, and all the forms necessary for listing the property
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Property profile
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Report about a specific piece of property, include; short legal description and property characteristics (lot size, year built, square footage, number of bedrooms and bathrooms), most recent grant deeds, any open deeds of trust, an Assessor’s Parcel Number (APN), map, current taxes, and the assessed value
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Property marketing plan
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Detailed schedule that shows them everything you will do to market their property
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Comparative market analysis (CMA)
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A comparison analysis that real estate brokers use while working with a seller to determine an appropriate listing price for the seller’s house
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Listing price
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The amount of money a seller agrees to accept from a buyer. It is stated in the listing agreement but may be negotiable during the listing period
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Principle of substitution
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Value of a property is set by the cost of acquiring an equally desirable and valuable substitute
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Sales comparison approach
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This approach is best for single-family homes or condominiums and vacant lots because sales information is readily available and easily compared. The sales comparison approach uses the principle of substitution to compare similar properties by looking at the current selling price of a similar property and adjusting it for any differences to determine the market value for the subject property
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Selling price
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The price a buyer actually pays for a property that may or may not be the same as the listing price
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Market value
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The highest price a property would bring if freely offered on the open market, with both a willing buyer and a willing seller
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Comparables, or Comps
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Similar properties sold on the open market and offered for a reasonable length of time that are used to prepare a CMA for a subject property
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Comparable categories
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Neighborhood location, view, size (comparable number of bedrooms/bathrooms as well as square footage), age, architectural style, financing terms, and the general price range
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Net sheet
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Shows the approximate net amount of money sellers can expect to receive for a specified sales price. It is a line-by-line description of the fees associated with the sale of their home, including commission
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Buyer’s market
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If there is more supply than demand- a seller may have to price a property lower
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Seller’s market
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If there is more demand than inventory (listed properties), the seller could consider pricing the home at the top of the range of value or higher
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Procedure to follow when asking for the listing
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1. Present the Agency Disclosure Statement
2. Present the Listing Agreement 3. Present the Seller’s Advisory |
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Steps in the Disclosure Regarding Real Estate Agency Relationships
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1. Disclose the Relationship
2. Elect the Agency 3. Confirm the Agency |
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Disclose the Relationship
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Describe and disclose the obligations of an agent. A written disclosure must be presented by a listing agent (or his or her sales associate) who must deliver the form to the seller before entering into a listing agreement
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Elect the Agency
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The second part of the agency disclosure form requires all parties involved to confirm that they understand the agent’s role.
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Confirm the Agency
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Finally, all parties to the transaction (buyer, seller, and agents) acknowledge that they understand who is representing whom, and sign the agency confirmation form. One more time, the relationship will be confirmed in the sales contract, which is signed by all parties
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Listing agreement
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A written contract by which a principal, or seller, employs a broker to sell real estate
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Bilateral contract
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Contract where a promise is given in exchange for a promise (seller promises to pay a commission upon presentation of a ready, willing, and able buyer who meets all terms of the listing)
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4 Types of Listing Agreements used in California
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Residential Listing Agreement—Exclusive (Form RLA)
Residential Listing Agreement—Agency (Form RLAA) Residential Listing Agreement—Open (Form RLAN) |
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Residential Listing Agreement—Exclusive (formerly named Exclusive Authorization and Right to Sell Agreement)
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An exclusive contract that obligates the seller to pay the listing broker a commission if the property is sold within the time limit by the listing broker, any other broker, or even by the owner. If the broker brings the seller a mirror offer, or an offer that matches all terms in the listing exactly, the seller does not have to accept the offer. However, under the terms of the listing, the seller must pay the broker a commission
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Residential Listing Agreement—Agency (formerly named Exclusive Agency Listing Agreement)
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An exclusive contract that obligates the seller to pay the listing broker a commission if any broker sells the property. However, the seller has the right to sell the property without a broker and pay no commission
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Residential Listing Agreement—Open (formerly named Non-Exclusive Open Agency Residential Listing Agreement)
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A listing agreement that gives any number of brokers the right to sell a property. May be given to any number of agents at the same time. The first broker to obtain a buyer who meets the terms of the listing, and whose offer is accepted by the seller, earns the commission. That agent is known as the procuring cause of the sale. Unlike an exclusive listing agreement, an open listing does not require a specific termination date.
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Procuring cause
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Refers to a broker who produces a buyer ready, willing, and able to purchase the property for the price and on the terms specified by the seller, regardless of whether the sale is completed
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Net listing
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A listing agreement in which the commission is not definite. Instead, the broker receives all the money from the sale of the property that is in excess of the selling price set by the seller. The broker must disclose the selling price to both buyer and seller within 30 days after closing the transaction
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Seller’s Advisory form
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A form that is now mandatory to present when a broker or sales associate takes a listing. This form advises the seller of legal requirements and practical matters that may arise during the selling process. At the same time it protects the sales associate and broker by providing evidence of advising the seller of required disclosures
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Top Reasons Homes Fail to Sell
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Price, Condition, Location, Listing Salesperson
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NAR Code of Ethics—Listings
Article 1 |
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant, or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. (Amended 1/01)
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NAR Code of Ethics—Listings
*Standard of Practice 1-9 |
The obligation of REALTORS® to preserve confidential information (as defined by state law) provided by their clients in the course of any agency relationship or non-agency relationship recognized by law continues after termination of agency relationships or any non-agency relationships recognized by law.
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NAR Code of Ethics—Listings
*Article 2 |
REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction. REALTORS® shall not, however, be obligated to discover latent defects in the property, to advise on matters outside the scope of their real estate license, or to disclose facts that are confidential under the scope of agency or non-agency relationships as defined by state law. (Amended 1/00)
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NAR Code of Ethics—Listings
*Standard of Practice 2-1 |
REALTORS® shall only be obligated to discover and disclose adverse factors reasonably apparent to someone with expertise in those areas required by their real estate licensing authority. Article 2 does not impose upon the REALTOR® the obligation of expertise in other professional or technical disciplines. (Amended 1/96)
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NAR Code of Ethics—Listings
*Article 9 |
REALTORS®, for the protection of all parties, shall assure whenever possible that all agreements related to real estate transactions including, but not limited to, listing and representation agreements, purchase contracts, and leases are in writing in clear and understandable language expressing the specific terms, conditions, obligations, and commitments of the parties. A copy of each agreement shall be furnished to each party to such agreements upon their signing or initialing. (Amended 1/04)
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NAR Code of Ethics—Listings
*Article 12 |
REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations. REALTORS® shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional. (Amended 1/08)
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NAR Code of Ethics—Listings
*Standard of Practice 12-4 |
REALTORS® shall not offer for sale/lease or advertise property without authority. When acting as listing brokers or as subagents, REALTORS® shall not quote a price different from that agreed upon with the seller/landlord. (Amended 1/93)
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NAR Code of Ethics—Listings
*Article 16 |
REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with clients. (Amended 1/04)
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