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Intermediate45 minutes11 terms

Exclusive Listing Agreement Key Terms

This curated collection highlights key terms that might be helpful when exploring exclusive right-to-sell listing agreements. It provides a quick reference for understanding the terminology you may encounter in these common real estate contracts.

Term Collection

1

Multiple Listing Service

The Multiple Listing Service (MLS) is a cooperative database used by real estate brokers and agents to list properties for sale and access comprehensive property information, facilitating real estate transactions.

Beginner15-18 min
2

Exclusive Right-to-Sell Listing

An Exclusive Right-to-Sell Listing is a real estate contract granting a single broker the sole right to sell a property and earn a commission, regardless of who finds the buyer. It offers maximum protection and incentive for the listing broker.

Intermediate5-6 min
3

Seller's Agent

A Seller's Agent, also known as a Listing Agent, is a real estate professional who represents the property owner in a real estate transaction, working to sell their home or investment property for the best possible price and terms.

Beginner2-3 min
4

Open Listing

An open listing is a non-exclusive real estate agreement where a seller can work with multiple real estate agents simultaneously, or sell the property themselves, with commission only paid to the agent who procures the buyer.

Intermediate4-5 min
5

1031 Exchange

A 1031 Exchange allows real estate investors to defer capital gains and depreciation recapture taxes when selling an investment property by reinvesting the proceeds into a new "like-kind" investment property within strict IRS timelines.

Advanced15-18 min
6

Capital Gains Tax

Capital Gains Tax is a tax on the profit realized from the sale of a non-inventory asset, such as real estate, calculated as the difference between the selling price and the adjusted cost basis.

Intermediate13-14 min
7

Fiduciary Duty

Fiduciary duty is a legal and ethical obligation for a professional to act in the best interest of their client, prioritizing the client's needs above their own with utmost loyalty, care, and disclosure.

Intermediate14-17 min
8

Broker Commission

A broker commission is a fee paid to a real estate broker or agent for successfully facilitating a property transaction, typically calculated as a percentage of the final sale price. It covers services like marketing, negotiation, and paperwork, and is usually paid by the seller at closing.

Intermediate3 min
9

Real Estate Brokerage

A real estate brokerage is a firm where licensed real estate brokers and agents work together to help clients buy, sell, or lease properties. They act as intermediaries, facilitating transactions and ensuring legal compliance.

Beginner3 min
10

Listing Agreement

A listing agreement is a legally binding contract between a property owner and a real estate broker, granting the broker authority to sell the property and outlining the terms of their compensation and responsibilities.

Intermediate14-15 min
11

Real Estate Exit Strategy

A real estate exit strategy is a predefined plan for how an investor will liquidate or conclude their involvement with a property, aiming to realize profits, recover capital, or mitigate losses.

Intermediate13-14 min

Common Questions