EXCLUSIVE LISTING – If only one agent is responsible for selling or leasing a property under an exclusivity agreement. Under an exclusivity agreement, the designated agent is generally entitled to commissions resulting from a transaction related to the property, even if it is sold/leased by another representative or seller for the duration of the agreement. Also known as Exclusive Agency or A Single Agency. 34. Real estate agency operation carried out by the real estate agent ARBITRATION- The decision of a dispute by one or more independent third parties and not by a court. Arbitrators are appointed by the parties in accordance with the terms of the arbitration agreement or late by a court. The arbitration procedure is carried out according to the laws of arbitration in each state and the arbitral award by the arbitrator binds the parties. Real estate agents can apply to be registered as the person running the business, whether it is an individual contractor or a business, or you can apply as someone who does not run a business on their behalf. Marketing and advertising may or may not be included in an agent`s commission rate, so it`s always a good idea to ask and go through the terms of the agreement with your agent.
This will help you have a clear understanding of the partnership and the costs covered by the royalties. DEPRECIATION- (a) from an accounting point of view, the systematic amortization of the initial costs of an asset over the life of that asset; (b) a passing effect resulting from physical deterioration or obsolescence, or both; c) Expressed in the valuation, the amortization of the current costs of an asset to calculate its real value. the cumulative effect on the value of an asset due to physical, functional, technological and economic seniority. SALE CONTRAT- An agreement to sell real estate that expresses the terms of sale. RENTAL DETERMINATION- An independent expert assessment report that sets rent in circumstances where a landlord and tenant have not been able to negotiate an agreement. LEASE- A contract under which the lessor entrusts the lessor with the right to use an asset for an agreed period, with payment or payment.8 MANAGEMENT AGREEMENT- A written contract that accounts for the contract between the property owner and property manager on the obligations, responsibilities and commitments of the owner and manager when managing the property. NOTE OF THE TERMINATION – The landlord or tenant announces that they wish to terminate the lease and evacuate the property in accordance with the terms of the lease. EXCLUSIVE AGENCE ACCORD – The agreement between an agent and a supplier that installs an exclusive list. VOIDABLE- An agreement that can be cancelled at the choice of one or both parties.
PRINCIPAL- (a) a term used in most Australian contracts instead of „customer“ or „owner“; b) a licensed real estate agent responsible for the agency`s compliance activities, including legal responsibility for fiduciary accounts. AUCTION AGENCY AGREEMENT – An agreement that the seller must sign when a property is listed at auction. Details on the minimum price and cost of the auction, including advertising and brokerage commission. As a general rule, the condition implies that an agent has the exclusive right to sell the property for a period during and after the auction.