Answer to Question 1
The seller's disclosure statement is a detailed document prepared by the seller concerning the property and its condition. A buyer is less likely to find fault should a problem arise after the purchase. It is the duty of the seller to fully disclose the condition of the property.
Answer to Question 2
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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