Contracts
In Illinois, a listing agreement is a contract between the seller and the:
AIndividual listing broker
BBrokerage firm (represented by the managing broker)✓ Correct
CMLS (Multiple Listing Service)
DBuyer's broker
Explanation
In Illinois, a listing agreement is a contract between the seller and the brokerage firm, represented by the managing broker. The individual listing broker acts on behalf of the firm.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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