Question

Which component is not required in most listing agreements?

Identification of the property

Specifics of compensation defined

Signatures collected

Escrow company named

Which of these statements is true?

Once a listing agreement is signed by all parties, it cannot be changed.

The seller can change the listing agreement whenever he or she wants.

A listing agreement can be modified, but only if all parties agree in writing.

A listing agreement can change by the mutual verbal agreement of all parties.

Answer 1

Escrow company named

Ascrow is a third party facility which becomes a significant domain name while the purchase transaction is taking place. Once the agreement is sealed with a domain name of Escrow, agreed by both the seller and the buyer, the amount is transferred to an Escrow account which remains secure while both the parties fulfill their contractual obligations. Therefore, the Escrow company owned agreements are not required in most listing agreements.

A listing agreement can be modified, but only if all parties agree in writing.

Normally, listing agreements can be modified but only with a written consent of all parties involved in the agreement. The changes cannot be done on verbal communication.