Vocabulary #4
1. Agent: A person authorized to represent another (the principal) in dealings with third parties.
2. Net listing: A listing agreement in which the sellers sets a net amount he or she is willing to accept for the property. If the actual selling price exceeds that amount, the broker is entitled to keep the excess as his or her commission.
3. Exclusive right to sell: A listing agreement that entitles the broker to a commission if anyone-including the seller-finds a buyer for the property during the listing term.
4. Secret Profit: A financial benefit that an agent takes from a transaction without informing the principal.
5. Cooperating broker: A member of a multiple listing service who attempts to fine a buyer for a listing.
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