An employment contract that grants the broker the right to collect a commission if the property is sold by anyone, including the owner, during the term of the agreement.
A net listing is a type of real estate agreement where the broker's commission is the surplus amount over an agreed-upon net price to the seller. This arrangement is illegal in some states due to potential conflicts of interest.
An open listing is a non-exclusive property listing arrangement where any number of brokers can participate, but only the broker who successfully secures a buyer receives a commission.
Procuring cause is a legal term used primarily in real estate to determine if a broker is entitled to a commission. It signifies the actions of a broker that ultimately lead to the creation of a transaction or agreement.
In real estate, a 'ready, willing, and able' buyer is someone who has the intent, financial capability, and preparedness to fulfill the terms of a property purchase. This concept is essential for brokers to earn their commission.
