Chapter 12 - Real Estate Brokerage and Listing Contracts Listing Agreement Contract Assignment

It is imperative the real estate listing agent understand the intentions of the seller when agreeing to list the seller's property. Read "Real Estate Applications: A Listing Situation" on page 327 in your textbook and answer the following questions?

1. What did the Jordans pay for the home initially?

2. The Jordans called Ben Park, a Realtor, who sold them the house originally. How does Ben help the Jordans decide on a listing price?

3. What is the amount of the existing mortgage on the Jordan's house?

4. The Jordan's mortgage has a due-on-sale clause. What does this mean?

5. What features cause the Jordan's house to have a lower value than newer homes?

6. What land description form is used to describe the Jordan's property? (Chapter 3 info)

7. Exhibit 12-6 is a copy of the Listing Agreement. Define "exclusive right of sale" and the Broker's obligations as authorized by the seller. (Summarize this information, do not cut and paste verbatim.

8. Whose responsibility is it to purchase a title insurance policy in this contract?

9. What are the details of the compensation from the Seller to the Broker?

10. Paragraph 9 describes the "Conditional Termination". What are the details of this paragraph? What is the fee for such?

11. What is the amount of the compensation to other Brokers?

12. How long is the listing in effect?

13. Define "latent defect". Where is this discussed in the contract?

14. What are the items excluded from the purchase?

15. What personal property items are included in the purchase?

16. What is the listing price and what are the financing terms?