Posted by Gary Bild on 21 May 2013 04:55 PM
EA = Exclusive Agency Listing agreement in which only the listing office may sell the property and earn the commission. If the owner sells the house, the listing office would not receive any commission.
ER = Exclusive Right Listing agreement under which the owner promises to pay a commission if the property is sold during the listing period by anyone, even the owner.
EX = Exclusive Right With Exception Listing agreement under which the owner promises to pay a commission if the property is sold during the listing period by anyone, even the owner. With specified exceptions.
O = Open Listing An authorization given by a property owner to a real estate Broker wherein said Broker is given the nonexclusive right to secure a purchaser; open listings may be given to any number of Brokers without liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing, or secures the acceptance by the seller of a satisfactory offer.
P = Probate Listing An authorization given by legal process of administering the estate of a deceased person, in which a court oversees the settlement of the individuals estate after death. Please note the Sandicor rule below.
7.15.1 Estate Sale, Probate and Bankruptcy Listings. Compensation offered through the MLS to cooperating brokers on estate sale, probate or bankruptcy listings is for the amount published therein as long as the cooperating broker produces the contract which is ultimately successful and confirmed by the court, if court confirmation is required. In the event the contract produced by the cooperating broker is overbid in court and the overbid contract is confirmed, the original cooperating broker shall receive the amount of compensation specified as "unconfirmed cooperating broker's compensation" or "u.c.b." in the listing input form sheet and on the MLS. For estate sale or probate listings, the compensation offered through the service under these rules and this section shall be considered an agreement as referred to in California Probate Code Section 10165 and will therefore supersede any commission splits provided by statute when there is no agreement. This section contemplates that estate sale, probate and bankruptcy judges have broad discretion and therefore are not intended as a guarantee of a specific result as to commissions in every probate or bankruptcy sale.