Describe the ways in which real estate sales brokers may be compensated
What will be an ideal response?
In an open listing, the seller reserves the right to sell the property on his own so the broker/agent may not even receive a commission.
In a flat fee listing, the compensation is a set fee unrelated to the sale price of the real estate.
In net listings, the broker earns a commission only on that part of the sale price that exceeds a predetermined and stated price.
In an exclusive agency, the broker is the sole exclusive agent with the exclusive right to sell the property. Generally, compensation is a percentage of the sale price.
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