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LSDefine

Simple English definitions for legal terms

listing agreement

Read a random definition: Investor Protection Guide: Promissory Note Scam

A quick definition of listing agreement:

A listing agreement is a contract between a property owner and a real estate agent. The agent agrees to try to find a buyer or tenant for the property at a certain price and terms in exchange for a fee or commission. There are different types of listing agreements, including exclusive-agency, general, multiple, net, and open listings. An exclusive-agency listing means only one agent has the right to sell the property during a specified period. A general listing is also known as an open listing, which allows multiple agents to sell the property. A multiple listing agreement allows the original agent to give other agents a percentage of the commission. A net listing means the agent agrees to sell the property for a set minimum price, and any amount over the minimum is retained as commission. An open listing allows the owner to give selling rights to more than one agent, pay a commission when a specified broker makes a sale, and reserve the right to personally sell the property without paying a commission.

A more thorough explanation:

A listing agreement is a contract between a property owner and a real estate agent. The agreement states that the agent will try to find a buyer or tenant for the property at a certain price and terms in exchange for a fee or commission.

  • Exclusive-Agency Listing: This type of listing agreement gives one agent the exclusive right to sell the property during a specified period, but the owner can still sell the property themselves without paying a commission.
  • General Listing: Also known as an open listing, this agreement allows the owner to give selling rights to multiple agents at the same time. The owner only pays a commission to the broker who makes the sale.
  • Multiple Listing: This agreement allows the original agent to share the listing with other agents, and the commission is split between them if one of them makes the sale.
  • Net Listing: In this type of agreement, the agent agrees to sell the property for a set minimum price, and any amount over the minimum is kept by the agent as commission.

For example, if a homeowner wants to sell their house, they may sign an exclusive-agency listing agreement with a real estate agent. This means that the agent has the exclusive right to sell the property for a certain period, and if the homeowner sells the property themselves, they do not have to pay a commission to the agent.

Another example is a general listing agreement, where the homeowner gives selling rights to multiple agents. If one of the agents makes the sale, they receive the commission.

These examples illustrate how a listing agreement works and the different types of agreements that can be made between a property owner and a real estate agent.

listing agent | list of creditors

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MrThickRopes
16:04
@CheeseIsMyLoveLanguage: so when I get decisions EST?
CheeseIsMyLoveLanguage
16:07
@MrThickRopes: I saw a YLS reject wave at 4:45 a couple of weeks ago, so I'd say 5:00 is a safe cutoff guess for schools in EST, given that's when admin offices typically close for the day
CheeseIsMyLoveLanguage
16:10
Have you looked at the admit graphs for the schools you've applied at? It can be helpful. For example, I sort the results based on complete or under review date and see if people who went complete or under review after me have received answers. If they haven't, scrolling down to see when people who have received answers, and when they went complete or under review, gives me an idea of how far out I might be for getting a response
CheeseIsMyLoveLanguage
16:11
@MrThickRopes: If I see people that went complete or under review after I did, and they are getting interview invites, then I lower my expectations for a positive result at that school.
MrThickRopes
16:12
Thx
CheeseIsMyLoveLanguage
16:12
@MrThickRopes: If someone who went complete or under review two weeks after me is getting accepted or interview invites, then it seems likely that I'm not a hot candidate for that school. Conversely, if there have been rejections of applicants who went complete or under review after me, that I feel somewhat confident that I am still in consideration
CheeseIsMyLoveLanguage
16:15
@MrThickRopes: you can also sort by decision date and look at the graph at the top left to get a good idea of when schools have waves (every week, every other week, Thursdays, rainbow or solid, etc.). While you still won't have control, it gives you a better idea of what you can expect and when
MrThickRopes
16:20
Cool I’ll do that
LeanDeadCloud
17:35
BC is every two weeks so there is a very good chance their wave will be on thursday
SplittingNotQuitting
17:42
How does the live updates page work? I notice that I'll often see the same person receive 4-5 or even more decisions within a minute or two. Do schools provide decisions for specific LSAC account #s and then LSAC releases them in batches or something along those lines?
CheeseIsMyLoveLanguage
17:44
@SplittingNotQuitting: If you click on the name, you'll likely notice that they are updating their profile with decisions received on multiple different days.
CheeseIsMyLoveLanguage
17:45
@SplittingNotQuitting: Everything on here is self-reported, so we have to count on each other to be accurate and update for us to use the data points effectively
SplittingNotQuitting
17:46
Ah, I understand. I was under the impression it was interfaced with the automatic status updater. Thanks.
CheeseIsMyLoveLanguage
17:47
@SplittingNotQuitting: I actually haven't seen anyone on here say that the automatic status updater works. Just lots of questions from individual users as to why they can't get their updater do work 🙃
CheeseIsMyLoveLanguage
17:48
**to work
SplittingNotQuitting
17:50
Haha. I was wondering how legit it was. I'll just continue to watch my LSAC status tracker and email like a hawk.
CheeseIsMyLoveLanguage
17:51
I am half expecting a restraining order from my status tracker. I feel dangerously close to reaching stalker status 😳
UnderRepresentedTryhard
18:55
W&M sent an apology letter for not having my decision on time. I appreciate the thought but I also was preparing myself for the worst
CheeseIsMyLoveLanguage
19:20
@UnderRepresentedTryhard: Did they send you an answer with their apology?!?
bigfatsloth
20:48
should i withdraw my applications when i decide where im going is that a part of the process or is it not needed
eggan
20:51
it would b considerate to the schools and to the people still waiting for decisions yes
eggan
20:52
anyone on hold, their fate depends on how many people withdraw before the deposit deadline
bigfatsloth
20:52
interesting ok i’ll do that thank u eggan
DastardlyDaniel
21:12
Anybody know the best place to find admitted students group chats?
PuzzlingDustyJackal
22:26
GWU status checker says decision made but no email bruh
UnderRepresentedTryhard
22:27
@CheeseIsMyLoveLanguage: No. If you mean “answer” as in being accepted/denied, no
UnderRepresentedTryhard
22:27
Check portal
TheKAF
22:46
Is a $30k total difference in COA between two similarly ranked schools too much? Even if the most expensive one has a niche concentration I want to pursue?
UnderRepresentedTryhard
22:54
uhhh if you're rolling in dough (hundreds of millions to billions) sure...but if you're taking out a loan, don't do it. You can pursue what your niche falls under and their may be a course that teaches that niche. check courses if they're available tho
UnderRepresentedTryhard
22:55
wrong there. i deserve death penalty
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