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A listing contract (or listing agreement) is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property. [1] If the broker is a member of the National Association of Realtors, the agreement must include all of the following terms:
Flat-fee multiple listing service or flat-fee MLS refers to the practice in the real estate industry of a seller entering into an "à la carte service agreement" with a real estate broker who accepts a flat fee rather than a percentage of the sale price for the listing side of the transaction.
For example, the contract may say that the property is sold as is, especially if demolition is intended. Alternatively there may be a representation or a warranty (guarantee) regarding the condition of the house, building, or some part of it such as affixed appliances, HVAC system, etc.
A multiple listing service's database and software is used by real estate brokers in real estate (or in other industries, for example, aircraft brokers [1]), representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to work with a seller's broker in ...
Lasting until the early 1990s, the broker provided a conventional full-service, commission-based brokerage relationship under a signed listing agreement only with a seller, thus creating an agency relationship with fiduciary obligations under common law in most of the US and Canada. The seller was then a client of the broker.
Brokers may choose to enter into a buyer-brokerage agreement to be represented if the buyer is working with a broker other than the brokerage listing the property. In some cases where dual agency is permitted by law, even the listing broker may represent the buyer. If the buyer does not enter into this agreement, he/she remains a customer of ...