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The Principal-Broker Relationship: Employment:
Ch. 20, Jacobus
1. Listing contracts. An employment agreement.
a. Advertisement
b. Offer to Sell in Vermont
c. Essential provisions
i. Competent parties
ii. Offer and Acceptance: Consent
iii. Legal Act
iv. Consideration
2. Personal Service Agreement
a. Types of Listings:
i. Exclusive right to sell.
ii. Exclusive agency.
iii. Open.
b. Special listings:
i. MLS
ii. Net listings
iii. Option listing (broker has the right to purchase
the property)
3. Termination of listings
a. Expiration of term.
b. Mutual agreement
c. Abandonment.
d. Death or incompetance.
e. In some cases, bankruptcy terminates a listing.
4. The Listing process:
5. Buyer Agency
a. Types of agency available
b. Compensation methods
c. Problem with Procurring cause.