Lesson 09 – Ch 8 Vocabulary Quiz

A written employment agreement between a property owner and a real estate broker; broker is hired to find a buyer who is ready, willing and able to purchase the owner’s home on the owner’s terms.

A type of listing that requires the owner to pay a broker’s commission only if the broker is the procuring cause of the sale.

The real estate agent who is primarily responsible for bringing about a sale

Type of listing that requires the property owner to pay the broker a commission when the property is sold during the listing term by anyone other than the seller.

A type of listing that requires the property owner to pay the broker a commission if the property is sold during the listing term, no matter who sells the property

Type of listing in which the commission is any amount received from the sale over and above the net required by the seller

Provision in a listing agreement that obligates the seller to pay a commission if the property is sold within a certain period after the listing expires to someone the broker negotiated with during the listing period

Binding contract between a buyer and a seller of a real property

A contract clause which provides that unless some specified event occurs, the contract is null and void.

A contract for the sale of real property in which the buyer (vendee) pays the purchase price in installments. The vendee takes possession of the property immediately, but the seller (vendor) retains legal title until the full price has been paid.

A contract in which one party pays the other rent in exchange for the possession of real estate

An agreement that gives one party the right to buy or lease the other party’s property at a set price for a certain period of time