Agency
A net listing in Missouri is one in which the broker's commission is:
AA fixed percentage of the sale price
BThe amount above the seller's minimum net price✓ Correct
CPaid by the buyer
DSet by MREC
Explanation
In a net listing, the broker's compensation is whatever exceeds the seller's specified minimum price. Net listings are controversial and may be discouraged or heavily regulated because they can create conflicts of interest.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Math Concepts
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