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Listing Agreement (now called a service provisions agreement)1.A type of employment agreement between a pencil lead and a broker2.It authorizes the broker to try to find (procuring cause) a ready, willing and able buyer on terms acceptable to the deal outer.Parties1.Seller is the booster cable 2.The broker is the divisor3.Salespeople are the sub-agents of the seller4.Cooperating broker is the agent of the itemisation broker and the sub-agent of the seller5.Salespeople in the cooperating brokers office are agents of their brokerRequirements1.Names of all parties 2.Accurate commentary does non have to be the legal description.3.Terms and conditions (i.e. FHA or VA sales)4.Commission5.Asking price6.Items included or excluded (i.e. Stove refrig)7.SignatureResponsibilities to the principalC - Confidentiality L - Loyalty O - Obedience T - Trust D - Do care/ do diligence A - Accounting/ accountability D -Disclosure Responsibilities to principal1.Licensees must Represent the genera l populace fairly2.Without deceit or fraud 3.Duty is over and above a fiduciary indebtedness to the principal 4.Broker should never accept a fiduciary duty that conflicts with his/her duty to the general public 5.Reason for the rule is to be certain the public is protect A.Patent defects0.A defect plainly visible or as would be gived by the exercise of ordinary care0.You do non have a duty to disclose a visible defectsB.Latent Defects0.A licensees must reveal all known unsung defects0.Is hidden or concealed one that could not be discovered by reasonable inspectionPuffing2.An opinion not made as a representation of fact but in tended to enhance the value of property Selling Disclosure Statement2.Took effect Jan. 19942.Requires seller of one to four family residential properties to disclose defects in the structure in writing2.Filled out by the seller at the time of taking a listing 2.Licensee should not record or help to fill this form out 2.Licensee should encourage the sell er to be truthful2.licensee is required to provide a copy to persuasion ahead presenting the offer2.if the buyer does not get a copy they have the right to resend the deal until the deed is conveyed Types of Listing AgreementsExclusive right to sell listing shoes listed with exclusively one broker however, seller promises to pay commissions no mater who finds the buyer during the listing period. Exclusive AgencyProperty listed with only on broker however, seller reserves the right to find own buyer and not pay a commission Open listing (Pocket Listing)Property may be listed with more the one broker however, the owner reserves the right to find their own buyer and not pay a commission.stereotypes essays interrogation papers Listing Agreement (now called a service provisions agreement)1.A type of employment agreement between a principal and a agent2.It authorizes the broker to try to find (procuring cause) a ready, willing and able buyer on terms acceptable to the seller.Parti es1.Seller is the principal 2.The broker is the agent3.Salespeople are the sub-agents of the seller4.Cooperating broker is the agent of the listing broker and the sub-agent of the seller5.Salespeople in the cooperating brokers office are agents of their brokerRequirements1.Names of all parties 2.Accurate description does not have to be the legal description.3.Terms and conditions (i.e. FHA or VA sales)4.Commission5.Asking price6.Items included or excluded (i.e. Stove refrig)7.SignatureResponsibilities to the principalC - Confidentiality L - Loyalty O - Obedience T - Trust D - Do care/ do diligence A - Accounting/ accountability D -Disclosure Responsibilities to principal1.Licensees must Represent the general public fairly2.Without deceit or fraud 3.Duty is over and above a fiduciary duty to the principal 4.Broker should never accept a fiduciary duty that conflicts with his/her duty to the general public 5.Reason for the rule is to be certain the public is protected A.Patent defects0 .A defect plainly visible or as would be disclosed by the exercise of ordinary care0.You do not have a duty to disclose a visible defectsB.Latent Defects0.A licensees must reveal all known hidden defects0.Is hidden or concealed one that could not be discovered by reasonable inspectionPuffing2.An opinion not made as a representation of fact but in tended to enhance the value of property Selling Disclosure Statement2.Took effect Jan. 19942.Requires seller of one to four family residential properties to disclose defects in the structure in writing2.Filled out by the seller at the time of taking a listing 2.Licensee should not participate or help to fill this form out 2.Licensee should encourage the seller to be truthful2.licensee is required to provide a copy to prospect before presenting the offer2.if the buyer does not get a copy they have the right to resend the deal until the deed is conveyed Types of Listing AgreementsExclusive right to sell listingProperty listed with only one br oker however, seller promises to pay commissions no mater who finds the buyer during the listing period. Exclusive AgencyProperty listed with only on broker however, seller reserves the right to find own buyer and not pay a commission Open listing (Pocket Listing)Property may be listed with more the one broker however, the owner reserves the right to find their own buyer and not pay a commission.