Illinois Real Estate Exam Prep- Chapter 46- Listing Agreements with Complete Solutions

Illinois Real Estate Exam Prep- Chapter 46- Listing Agreements with Complete SolutionsIllinois Real Estate Exam Prep- Chapter 46- Listing Agreements with Complete SolutionsIllinois Real Estate Exam Prep- Chapter 46- Listing Agreements with Complete SolutionsIllinois Real Estate Exam Prep- Chapter 46- Listing Agreements with Complete SolutionsIllinois Real Estate Exam Prep- Chapter 46- Listing Agreements with Complete Solutions reading - ANSWER-read Chapter 12- Listing Agreements What is an important thing to remember about listing agreements? - ANSWER-They must be in writing to be enforceable. Describe an open listing. - ANSWER-An open listing is a non-exclusive listing that allows a seller or buyer to engage a number of different brokers to sell or help purchase property. The broker who brings the buyer or finds the suitable property gets the commission. If the owner sells the property or the buyer finds his or her own property, no commission is owed to any broker. What is the major difference between an exclusive right to sell listing and an exclusive agency listing? - ANSWER-With exclusive right to sell, the broker has the exclusive right to market the property and receive a commission regardless of who procures the buyer.