Alabama Real Estate Exam| Questions With 100% Correct Answers | Verified

Special or Specific Agency - The Principal gives the agent authority to do one specific thing-sell property. They enter into a contract that stipulates how the task will be done-multiple listings of the property, commission paid etc. General - Principal and agent enter into a contract giving the agent the authority to conduct several activities-show property to renters, check references and negotiate leases. Designated agency - A dual agent cannot fully represent both parties so the agent designates another agent in their office to respresent either party-usually the buyer. Nonagency - transaction or facilitative-the agent faciliates the transaction by showing properties and assisting with paperwork. Both parties are on their own when it comes to their interests. Listing contract - it is not between the agent and the seller but between the seller and the broker Exclusive Right to Sell - Most advantageous type of listing-gives the broker the sole right to market a property. Regardless of who finds a ready, willing and able buyer, the broker receives a commission. Exclusive Agency - agent markets the property but if the principal sells it then the agent does not receive a commission Open listing-general - gives the right to market the poperty to a number of brokers. The principal can sell it themselves and only the broker that brings a ready, willing and able buyer recieves commission. Net listing - broker receives the difference between the selling price and the price that the owner wants Multiple listings - Multiple listing systems or services are marketing tools. Allows brokers to share listings and commissions.