What are the types of real estate contracts you should expect to see as a Realtor®? Real estate contracts are an important part of being a Realtor® because without them you won't have any clients.

Here's everything you need to know about real estate contracts.
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There are four main real estate contracts that you will use throughout your career. Also, there will be a few contracts you will want to stay away from. The two main contracts you will use throughout your career are residential purchase agreements and residential listing agreements.

These contracts are used for the buying and selling of real estate property. The residential purchase agreement is for when you represent a buyer and they are purchasing a property and the residential listing agreement is for when you represent the seller and they are selling their property.

Now, let's take a step even further and talk about the types of listing agreements. That's right – there are several types of listing agreements. One for any occasion.

The most important one and the one you will use 99.999% of the time is the exclusive authorization and right to sell contract. This contract solidifies the agreement that the real estate agent represents the seller in the transaction and ensures that the agent gets paid a commission even if they don't find the buyer. Read that again slowly because it's important.

In other words, if the seller finds someone who wants to buy their house, the real estate agent still gets paid because they are exclusively authorized and have the right to sell. But, if you represent a seller, you should always try to find a buyer no matter what! It's your fiduciary duty after all.

The next type of contract in real estate is exclusive agency. This one gets confused with exclusive authorization and right to sell a lot. Exclusive agency is the exact same thing as exclusive authorization and right to sell but it does not guarantee the real estate agent will get paid if the seller finds a buyer. So, if the seller's cousin tells the seller that they want to buy a house, then the seller doesn't have to use the real estate agent's services; meaning no commission.

The final real estate contract is an open listing. An open listing is a non exclusive contract between the agent and the seller, which means the seller can enlist the help of other real estate agents. Guess what? If that other agent finds a buyer then that means no commission check for the original agent. Think of it as an open relationship.

You better expect to see these real estate contracts on your state exam, because they are common and vital to a successful career. If you don't understand how they work, then you can find yourself in a legal quagmire. Yikes!

Chapters:
00:00 - Why are real estate contracts important?
00:15 - What is the RPA?
00:41 - Where do you get the RPA and RLA?
00:51 - What is the RLA?
01:54 - What are the 3 types of listing agreement
02:08 - What is an exclusive authorization and right to sell
05:00 - What is an exclusive agency?
05:53 - What is an open listing?

#realestatevocabulary #realestateexam #realestatecontracts

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