I sold a ranch in western Nebraska under an open listing. Since there are only a couple of brokers out where we are, the seller decided to hire all of us. It was confusing at first, but after we filled in the blanks it totally made sense from the sellers perspective. Great video!
Under the statute of frauds all real estate contracts must be in writing to be enforceable with the exception of a residential lease agreement of 1 year or less. Thank you for the question, Anthony. Best of luck with your studies...
Hi Jamie... CONGRATULATIONS!!!! Welcome to the real estate industry... Thank you for letting us know as well. I wish nothing but the best of luck in your new career. It's rough the first year or so but stick with it and you will be rewarded.....
When the transaction is consumated (closed) or terminated (canceled).... A broker can receive commission upon closing the deal or if the contract is cancelled....
It is binding on the OPTIONOR... The OPTIONEE can either exercise the option meaning go forward with the purchase or they can walk away. The OPTIONOR (owner of the property) is bound whereby they can't sell the property to anyone during the option period. That's why an Option COntract is a Unilateral Contract
On the part of listing contracts, on #6, if the house/property is in a trust account with multiple beneficiaries and only one person wants to sell the subject property, does this person needs a signature from the other people in the trust to be able to sell this house???.... Thank you very much for all you do!
Hi Kurt. Well that depends. Typically no, if the property doesn't sell no commission is owed. However, if the seller intentionally prevented the brokerage from showing the property then a broker could have a legal claim to a commission. Now, if a seller simply backs out of a purchase offer, changed their mind so to speak, then depending on how the listing contract is structured, yes the seller would owe a commission. One last point, it is common in say commercial real estate where if the property does not sell or isn;t leased, the owner may owe the brokerage money for expenses such as reimpursement for advertising an marketing. All depends on the listing contract.
The actual definition of what a flat fee listing broker is really subjective and means different things to different folks. But generally, it's a broker that charges a flat listing commission... say $1,000 on the listing side PLUS a cooperating broker pay out...
More study materials at TheRealEstateClassroom.com
Join us on Facebook: facebook.com/TheRealEstateClassroom
I sold a ranch in western Nebraska under an open listing. Since there are only a couple of brokers out where we are, the seller decided to hire all of us. It was confusing at first, but after we filled in the blanks it totally made sense from the sellers perspective. Great video!
What would end listing contracts?
It expires, mutual consent by broker and seller or a material breach
Good stuff! Simple and straight to the point! Thank you from Ga!
At 6:08, that was a question on the exam and the answer format was where you had to choose what type of contract it was
Right on!
I am studying for my state exam and this video was very helpful! Thank you!
Glad it was helpful!
Do all Listing contracts have to be in writing ? Or can they be implied or expressed such an agency relationship?
Under the statute of frauds all real estate contracts must be in writing to be enforceable with the exception of a residential lease agreement of 1 year or less. Thank you for the question, Anthony. Best of luck with your studies...
You are top-notch, thank you so much!!
Hi Edna... thank you for the kudo's AND taking the time to leave a comment! MUCH appreciated!
Thanks for these videos bc of it, I passed the RE exam
Hi Jamie... CONGRATULATIONS!!!! Welcome to the real estate industry... Thank you for letting us know as well. I wish nothing but the best of luck in your new career. It's rough the first year or so but stick with it and you will be rewarded.....
Great video! Thank you for the explanations.
You're welcome!
you are the king of real estate
LOL... I don't know about all that but thank you for the kudos... much appreciated
HI! When do the broker gets paid? At closing or when the broker/agent procures a willing ,ready and able buyer? Ty
When the transaction is consumated (closed) or terminated (canceled).... A broker can receive commission upon closing the deal or if the contract is cancelled....
Always always you make it very well!! 4 years and its a good video about listing contracts😊thank you.
Glad it was helpful! Thank you for leaving a comment... keep on studying ;o)
Option contract is binding to the optionee or the optionor?
It is binding on the OPTIONOR... The OPTIONEE can either exercise the option meaning go forward with the purchase or they can walk away. The OPTIONOR (owner of the property) is bound whereby they can't sell the property to anyone during the option period. That's why an Option COntract is a Unilateral Contract
On the part of listing contracts, on #6, if the house/property is in a trust account with multiple beneficiaries and only one person wants to sell the subject property, does this person needs a signature from the other people in the trust to be able to sell this house???.... Thank you very much for all you do!
Yes.
Seriously, who would do a net listing? Seems to me there's some fraud going on.
That is why it's illegal in many states. Thanks for commenting 👍
Net listings should be illegal!
They are in many states
Is the seller ever required to pay a commission if the property does not sell, or the seller backs out?
Hi Kurt. Well that depends. Typically no, if the property doesn't sell no commission is owed. However, if the seller intentionally prevented the brokerage from showing the property then a broker could have a legal claim to a commission. Now, if a seller simply backs out of a purchase offer, changed their mind so to speak, then depending on how the listing contract is structured, yes the seller would owe a commission. One last point, it is common in say commercial real estate where if the property does not sell or isn;t leased, the owner may owe the brokerage money for expenses such as reimpursement for advertising an marketing. All depends on the listing contract.
Would "sale by owner" be a flat fee listing? A seller just needs the brokerage to do the closing paper work?
The actual definition of what a flat fee listing broker is really subjective and means different things to different folks. But generally, it's a broker that charges a flat listing commission... say $1,000 on the listing side PLUS a cooperating broker pay out...
Would this be a transaction broker treating seller as a customer?
Add this to agency playlist! plz!
Ok... :o)
Thank you so much and keep up the good work
Thank you
Thanks good video I like how you clearly explain all the points! Major help
Thank you from all the way from the U.S. Virgin Islands. Your. Videos were instrumental in helping me pass on my second attempt.
@Patricia-nu8vc The Virgin Island>... Would love to visit there! Where is the best place to stay? Thanks for leaving me a comment!!!😁
Great video!!!
Thank you
would be so kind when righting on the board could like move to the opposite side you have not written on.