Question

A property owner wants to put $240,000 in the bank after selling a property and accounting for all expenses. A broker finds a buyer and sells the property for $280,000. Closing costs come to $10,000, not including the broker's commission. According to agreement, the remainder of the amount over $240,000 goes to the broker as commission. The listing agreement is probably a(n)___________.

Answer 1

net listing

Step-by-step explanation:

A listing arrangement where the vendor establishes an appropriate net value for an estate; unless the actual sale price approaches such value, the agent is allowed to retain the fee on depredations; unlawful in New York. Simply put, A net listing enables the buyer to retain every sum over whether the vendor has decided to have net at a deal's end.

It is worth noting that in certain States net listings are illegal. The customer might want to quickly sell his house, because, for instance, he has indeed discovered a new mansion and wanted to act rapidly.