Prescott Area Association of REALTORS, Inc. EXCLUSIVE RIGHT TO SELL/LEASE LISTING CONTRACT RES LND CIB INC Man. Home THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. NO REPRESENTATION IS MADE AS TO THE LEGAL CONSEQUENCE OF ANY PROVISION OR THE TAX CONSEQUENCES THEREOF. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT YOUR ATTORNEY OR TAX ADVISOR OR OTHER COUNSEL BEFORE SIGNING. 1 1. EXCLUSIVE RIGHT TO SELL/LEASE: The undersigned Owner(s) ("Owner") hereby employs and grants the 2 undersigned Arizona Real Estate Broker ("Broker") the exclusive and irrevocable right to offer for sale the 3 property described below ("Property"), pursuant to the terms of this Exclusive Right to Sell Contract, or any renewal 4 hereto ("Listing"). Broker agrees to endeavor to effect such a sale of the Property. In consideration of the mutual 5 covenants contained herein, Owner and Broker agree as follows: 6 2. PROPERTY: (Street/Road Address) 7 City Zip Code County Tax Pcl/ VIN# 8 Legal Description 9 10 11 together with all fixtures and improvements thereon and appurtenances incidental thereto (the Property together with all 12 fixtures, improvements, and appurtenances are hereinafter referred to collectively as the "Premises"), plus any personal 13 property specified in the purchase contract. 14 3. FIXTURES AND PERSONAL PROPERTY: 15 a. Except as excluded in Section 3(b) below, any sale or rental of the Premises shall include all existing fixtures 16 on the Premises, any existing personal property specified in Section 3(b) below, and all of the following Items 17 of personal property, to the extent located on the Premises: 18 built in appliances 19 ceiling fans and remote controls 20 central vacuum houses and attachments 21 draperies/other window coverings 22 fireplace equipment (affixed) 23 floor coverings (affixed) 24 free standing range/oven 25 garage door opener(s) and remote controls 26 light fixtures 27 mailbox media/antennas/satellite dishes outdoor fountains and lighting outdoor landscaping propane tanks security and/or fire systems and/or alarms shutters and awnings solar systems speakers (flush-mounted) storage sheds storm windows and doors stoves: gas-log, pellet, or wood burning timers (affixed) towel, curtain/drapery rods wall mounted TV brackets and hardware (excluding TVs) water-misting systems water purification system water softeners window and door screens, sun shades 28 b. Appliances and Additional Existing Personal Property. The Premises shall include the following appliances 29 which are presently located in or upon the Premises: 30 Refrigerator Washer Dryer Other 31 32 Fixtures and leased items NOT included in sale (e.g. leased propane tanks, leased solar systems): 33 34 4. TERM: This Listing shall commence on and expire at 11:59 p.m. on ; 35 subject to any renewal or termination of this Listing. 36 5. LISTING PRICE: The Listing price shall be $ and upon the terms and conditions set forth 37 in the Prescott Area Association of REALTORS ("PAAR") Input Form, or upon such other price and terms 38 accepted by Owner. Page 1 of 6 PAAR Form ERTS 07/2017 Phone: Fax:
39 6. AGENCY RELATIONSHIPS: The following document, signed by the Owner, is incorporated herein: Arizona 40 Association of REALTORS ("AAR") Real Estate Agency Disclosure and Election form. 41 7. COMPENSATION TO BROKER: Owner agrees to compensate the Broker as follows: 42 a. Brokerage Fees: 43 i. For a Sale: 44 Owner agrees to pay Broker a brokerage fee of for services rendered if: 45 (a) Broker produces a ready, willing and able buyer to purchase, exchange or option the Premises at such price 46 and terms agreed to by Owner; (b) a sale, exchange or option of the Premises is made by Owner or through any 47 other broker/agent, or otherwise; or (c) without the consent of the Broker, the Premises is withdrawn from this 48 Listing, otherwise withdrawn from sale, or transferred or conveyed by Owner. 49 ii.for a Lease: 50 Owner agrees to pay Broker a brokerage fee of of the lease price for services rendered upon the tenant 51 taking occupancy of the premises. For a holdover or renewal of the rental, regardless of whether this listing 52 has expired, Owner agrees to pay a commission of of the lease price for any holdover or renewal 53 period. 54 Brokerage fees payable for the sale, exchange, option or lease of the Premises are not set in any manner 55 other than as agreed upon between Broker and the Owner. 56 b. After Expiration: After the expiration of this Listing Contract, the same commissions, as appropriate, shall be 57 payable if a sale, lease, exchange, or option is made by Owner to any person to whom the Premises has been 58 shown or with whom Owner or any broker has negotiated concerning the Premises during the term of this Listing 59 Contract, (1) within days after the expiration of this Listing Contract, unless the Premises has been 60 listed on an exclusive basis with another broker, or (2) during the pendency, including the closing, of any 61 purchase contract or escrow relating to the Premises that was executed or opened during the term of this Listing 62 Contract, or (3) as contemplated by Paragraph 7e. 63 c. Leasing Terms: During the term of this listing, Owner agrees: (i) not to lease the Premises without Broker's prior 64 written consent; and (ii) if the Premises is leased without the Owner's consent, to pay Broker a brokerage fee in the 65 amount set forth in Section Seven (a)(ii) above. 66 Owner Initials: 67 d. Purchase by Lessee: During the term of any such lease, renewal or holdover, or within days after lease 68 termination, the brokerage fees set forth in 7a. shall be due and payable to Broker, if the lessee or any heir, 69 executor, assigns or agent of the lessee purchases the Premises from the Owner. 70 e. Failure to Complete: The brokerage fees as stated in 7a. shall be due and payable to Broker if: (i) the Premises 71 is withdrawn from sale or lease without the written consent of Broker; (ii) completion of the sale is prevented by 72 breach of Owner or with consent of Owner; or (iii) Owner makes the Premises unavailable to Broker for sale or 73 lease. If any earnest deposit is forfeited for any other reason, Owner shall pay a brokerage fee equal to the lesser 74 of one-half of the earnest deposit or the full amount of the commission. 75 8. COOPERATING WITH AND COMPENSATION TO OTHER BROKERS. 76 a. For a Sale: Owner authorizes listing Broker to offer compensation in the amount of % of the gross 77 purchase price or $ to a buyer's broker, who represents the interest of the buyer(s). 78 b. For a Rental: Owner authorizes listing Broker to offer compensation in the amount of % of the gross 79 lease price of $ to a tenant's broker, who represents the interest of the tenant(s). 80 9. PAYMENT FROM ESCROW AND OTHER BROKERS: Owner authorizes escrow company, if any: (i) to pay all 81 brokerage fees to Broker as a condition of closing or upon cancellation of escrow; (ii) to divide all compensation with 82 other Brokers in any manner agreed to and acceptable to the Broker; and (iii) Broker is authorized to deduct 83 compensation from any rent or other monies received on behalf of Owner. 84 10. REQUIRED SELLER DISCLOSURES: Owner acknowledges that an owner of real property, by law, has 85 certain disclosure obligations to a prospective buyer. Therefore, Owner warrants that Owner shall disclose to Broker and 86 buyer: (i) all facts materially affecting the value of the Premises; (ii) any information, excluding opinions of Page 2 of 6 PAAR Form ERTS 07/2017
87 value, that materially and adversely affect the consideration to be paid by the buyer; and (iii) all disclosures required by 88 federal, state and local laws or regulations. Owner agrees to notify Broker promptly, in writing, of any change in 89 such information during the term of this Listing. 90 11. OWNER OBLIGATIONS: In consideration of Broker's obligations, Owner agrees to: 91 a. Cooperate with Broker in carrying out the purpose of this Listing contract, including referring immediately to 92 Broker all inquiries regarding the Premises' transfer, whether by purchase or any means of transfer. 93 b. Provide Broker with keys to the Premises and make the Premises available for Broker to show during reasonable 94 times. 95 c. Inform Broker prior to leasing, mortgaging or otherwise encumbering the Premises. 96 d. Inform Broker of any past due HOA, tax or other Premises related fees. During the term of this Listing Contract, 97 Owner agrees to continue disclosing to Broker all additional information of the type required by the preceding 98 sentence promptly after Owner becomes aware of any such information. 99 e. Complete and return to Broker a Seller Property Disclosure Statement ("SPDS") form for the Premises or, if a 100 lease, a Residential Lease Owner's Property Disclosure Statement ("RLOPDS"), and/or if applicable a Vacant 101 Land/Lot Seller Property Disclosure Statement ("Vacant Land SPDS"), a Domestic Well Water/Water Use 102 Addendum Seller Property Disclosure Statement ("Domestic Water SPDS"), HOA Addendum, and an Affidavit of 103 Disclosure. These disclosures are designed to disclose pertinent property information. 104 f. If applicable, sign and deliver to the escrow company a certificate indicating whether Owner is a foreign person 105 or non-resident alien pursuant to the Foreign Investment in Real Property Tax Act (FIRPTA). 106 g. Provide a Disclosure of Lead-Based Paint and Lead-Based Paint Hazards as required by the U.S. Department of 107 Housing and Urban Development, if any Premises structure was built before 1978. 108 h. Deliver a completed Affidavit of Disclosure in the form required by law to a buyer within five (5) days after 109 purchase contract acceptance, if the Premises is located in an unincorporated area of the county, and five or 110 fewer parcels of property other than subdivided property are being transferred. 111 i. Broker shall have no responsibility in whole or in part for the preparation of the SPDS, RLOPDS, Vacant 112 Land SPDS, Domestic Water SPDS, HOA Addendum, Affidavit of Disclosure, nor any other disclosures 113 required from Owner nor any disclosures required by the Arizona Residential Landlord Tenant Act. 114 12. OWNER COOPERATION: Owner agrees to make all data, reports, documents and information, excluding opinions 115 of value, pertaining to the Premises available to Broker and buyer. Owner shall take no action that may tend to hinder 116 Broker's performance pursuant to this Listing, agrees not to initiate direct communication with any other broker or 117 potential buyer and shall refer to Broker all inquiries relating to the purchase of the Premises. 118 13. LISTING BROKER OBLIGATIONS AND AUTHORITY: Broker agrees to make diligent and continued efforts 119 to sell/lease the Premises. 120 a. Owner authorizes Broker to obtain information relating to the present mortgage(s) on the Premises. 121 b. Owner authorizes and instructs Broker to input the information on the Listing/Data Entry Form, and any 122 photographs or video of the Premises, to the Multiple Listing Service ("MLS") for publishing 123 and dissemination, in whole or in part, in printed or electronic form, including via the internet, to MLS 124 participants and the general public, even after the sale or, lease of the Premises, or the cancellation or 125 expiration of the Listing. Owner is cautioned to protect valuable items from view in any photographs or 126 videos of the Premises or otherwise, and Broker has no responsibility for the dissemination of any images 127 of such valuable items or for the loss of such valuable items. Owner understands the public may have unlimited 128 access to the images and may download and/or copy them. Broker is authorized to report the sale, exchange, 129 option or rental of the Premises, and its price, terms and financing, for dissemination through MLS or otherwise 130 to authorized MLS participants and to the public and for use by companies engaged in selling information 131 for various purposes, including but not limited to, appraisals or evaluations of tax assessments. Refer to the MLS 132 Exclusion Form and complete if not included in MLS. Owner agrees and understands that if information about the 133 Premises is not disseminated through the MLS, the Premises will receive less marketing exposure than is typical 134 which may result in the owner realizing a decreased purchase price. 135 c. Broker reserves the right to cancel this Listing unilaterally for cause, which shall include, but is not 136 limited to, Broker's good faith belief that any service requested of Broker or any action undertaken by anyone 137 other than Broker is (or could be determined to be) in violation of any applicable law. 138 14. DOCUMENTS: In connection with any sale or rental of the Premises, Owner consents to the use of the standard Page 3 of 6 PAAR Form ERTS 07/2017
139 form of purchase or rental contract used by Broker and all other standard documents used by Broker and the escrow and 140 tittle companies. 141 15. INDEMNIFICATION: Owner agrees to indemnify and hold Broker, all Boards or Associations of REALTORS, 142 and all other brokers harmless against any and all claims, liability, damage or loss arising from: (i) any 143 misrepresentation or breach of warranty by Owner in this Listing; (ii) any incorrect information supplied by Owner and 144 any facts concerning the Premises not disclosed by Owner; including, without limitation, any facts known to Owner 145 relating to adverse conditions or latent defects; (iii) the use of a lockbox; and (iv) any injury or damage to persons or 146 Premises in connection with the marketing or showing of the Premises. This indemnification will survive the 147 termination of this Listing and transfer of title. 148 16. LOCKBOX AND ACCESS TO PREMISES: Owner acknowledges that a lockbox and any keys made available to 149 Broker will permit access to the Premises by Broker and cooperating brokers, even when Owner, or occupant, is absent. 150 (i) Owner authorizes Broker, and any other broker authorized by Broker, to preview and show the Premises at reasonable 151 times and upon reasonable notice; (ii) neither PAAR, nor any Board or Association of REALTORS, nor any broker is 152 insuring Owner or occupant against loss by theft or vandalism resulting from authorized or unauthorized access; (iii) 153 Owner and/or occupant are responsible for obtaining appropriate insurance and to remove or safeguard valuables; (iv) if 154 the Premises is occupied by someone other than the Owner, Owner shall provide the occupant's written permission to 155 install the lockbox and furnish occupant's name and phone number. Owner does does not authorize Broker to install 156 and use a lockbox containing a key to the Premises. Owner Initials: 157 17. INSURANCE: Owner acknowledges that Owner's or occupant's property could be damaged or stolen or 158 persons visiting the Premises could be injured. During the term of this Listing or until close of escrow, Owner 159 agrees to maintain appropriate insurance to insure the Premises against loss, including but not limited to, damage 160 from theft, vandalism, fire and personal injury. 161 18. UTILITIES AND MAINTENANCE: During the term of this Listing or until close of escrow, Owner shall: (i) 162 maintain continuous service to the Premises of all utilities which are currently connected to the Premises; and (ii) 163 maintain the Premises and all personal Premises to be included in the transaction in substantially the same condition as of 164 the date of this Listing. Owner acknowledges that Broker is not responsible for the custody or condition of the 165 Premises or for its management, maintenance, upkeep or repairs. 166 19. HOME WARRANTY PLAN: Owner acknowledges that home warranty plans are available and such plans may 167 provide additional protection and benefits to Owner during the term of the Listing. 168 Owner elects to: purchase a home warranty for coverage during the Listing period with coverage to transfer to a new 169 owner at close of escrow; or to not purchase a home warranty at this time. 170 Owner Initials: 171 20. SIGNS: Owner does does not authorize Broker to place Broker's sign including "For Sale" signs, "Sold" signs, 172 "For Lease" signs, and "Leased" signs, as applicable, on the Premises until close of escrow or expiration of 173 this Listing. Owner shall remove all other "For Sale" or "For Rent/Lease" signs. Owner Initials: 174 21. OTHER SELLERS AND BUYERS: Owner acknowledges that Broker may represent other sellers and buyers of 175 properties similar to Owner's Premises and understands that the Premises probably will not be presented or shown to 176 every potential buyer known to or encountered by the Broker. 177 22. RECOMMENDATIONS: If Broker recommends to Owner a contractor, appraiser, home warranty company or any 178 other person or entity for any purpose, Owner agrees to independently investigate and evaluate such recommendations 179 before making any decision to enter into a contractual agreement. Broker shall disclose to Owner if any such contractual 180 agreement may result in a benefit to Broker. 181 23. EQUAL HOUSING OPPORTUNITY: Owner and Broker agree that the Premises shall be marketed and sold or 182 leased in compliance with all federal, state and local laws prohibiting discrimination against any protected classes. 183 24. DISPUTE RESOLUTION: (i) Mediation: Any dispute or claim in law or equity arising out of or relating to this 184 Listing shall be submitted to mediation in accordance with the REALTOR Dispute Resolution System, or as otherwise 185 agreed; (ii) Arbitration: If the mediation does not result in a resolution of the dispute, Owner and Broker agree that the 186 dispute shall be resolved in binding arbitration. Unless Owner objects in writing, the arbitration shall be conducted under 187 the rules and procedures followed by the applicable Board or Association of REALTORS pursuant to the Code of Page 4 of 6 PAAR Form ERTS 07/2017
188 Ethics and Arbitration Manual of the National Association of REALTORS ("NAR"). If Owner objects to REALTOR 189 arbitration, the arbitration shall be conducted by a mutually agreed upon arbitrator, or if the parties fail to agree upon an 190 arbitrator, the dispute shall be resolved by the American Arbitration Association. Initially, all applicable deposits, 191 arbitrator fees, filing fees, administrative costs and expenses shall be borne equally by the parties. However, the 192 arbitrator shall be authorized to award or refund all costs and deposits to the prevailing party. The decision of the 193 arbitrator shall be binding, conclusive and may be enforced in any court of competent jurisdiction. 194 25. ATTORNEYS' FEES: In any action or proceeding to enforce any provision of this Listing, or for damages 195 sustained by reason of its breach, the prevailing party shall be entitled to receive from the other party reasonable 196 attorneys' fees, as set by the court or arbitrator and not by a jury, and all other related expenses, such as expert witness 197 fees, fees paid to investigators and court costs. 198 Additionally, if the Broker hires an attorney to enforce the collection of any commission payable pursuant to this 199 Listing, and is successful in collecting some or all of such commission without commencing any action or 200 proceeding, Owner agrees to pay Broker's reasonable attorneys' fees and costs. Owner also agrees to pay interest at the 201 legal rate on all compensation and other amounts owed or due to Broker from the time due until paid in full. 202 26. USE OF LISTING CONTENT; INTELLECTUAL PROPERTY LICENSE: (Note: The purpose of the 203 following Listing Agreement License Language is to have the Owner grant to the Broker the rights necessary for the 204 Broker to use any potential copyrightable elements relating to the Premises ("Listing Content"). This language also 205 authorizes the Broker to list the Premises in the MLS and allow the MLS to make Internet 206 Virtual Tours and any other Listing Content elements available to other brokers. Without a license to do so, the 207 Broker's use of any Listing Content of which the Owner exercises ownership or control may invalidate the Broker's 208 grant of rights to an MLS). 209 Listing Agreement License Language: Unless Owner delivers to Broker a written certification, in a form acceptable to 210 Broker, that Owner does not desire the Listing Content to be disseminated by a multiple listing service, Owner 211 acknowledges and agrees that all photographs, images, graphics, video recordings, virtual tours, drawings, written 212 descriptions, remarks, narratives, pricing information, and other copyrightable elements relating to the Premises 213 provided by Owner to Broker or Broker's agent (the "Owner Listing Content"), or otherwise obtained or produced by 214 Broker or Broker's agent in connection with this Agreement (the "Broker Listing Content") and any changes to the 215 Owner Listing Content or the Broker Listing Content, may be filed with one or more multiple listing services, included 216 in compilations of listings, and otherwise distributed, publicly displayed and reproduced. Owner hereby grants to Broker 217 a non-exclusive, irrevocable, worldwide, royalty free license to use, sublicense through multiple tiers, publish, display, 218 and reproduce the Owner Listing Content, to prepare derivative works of the Owner Listing Content, and to distribute the 219 Owner Listing Content or any derivative works thereof. This non-exclusive license shall survive the termination of this 220 Agreement for any reason whatever. Owner represents and warrants to Broker that the Owner Listing Content, and the 221 license granted to Broker for the Owner Listing Content, do not violate or infringe upon the rights, including any 222 copyright rights, of any person or entity. Owner acknowledges and agrees that as between Owner and Broker, all Broker 223 Listing Content is owned exclusively by Broker, and Owner has no right, title or interest in or to any Broker Listing 224 Content. 225 27. REPORT OF SALE: Owner hereby authorizes Broker to report the sale, exchange, or option of the Premises, 226 and its price terms, and financing, for dissemination through PAAR or authorized PAAR Participants and to the 227 general public. 228 28. ADDITIONAL TERMS: 229 230 231 232 29. COMPLIANCE WITH MLS POLICY AND RULES: Broker and Owner recognize, acknowledge, and agree that 233 as a condition of participating in and disseminating information through the Prescott Area Association of REALTORS 234 MLS all rules, policies, and procedures of the Prescott Area Association of REALTORS MLS must be followed. Failure 235 to comply with the Prescott Area Association of REALTORS MLS rules, policies, and procedures may result in the 236 Premises being removed from the MLS and/or the Broker no longer having the privilege of participating in the MLS. 237 30. ENTIRE AGREEMENT: This Listing, including any attached exhibits and addenda signed by the parties, shall 238 constitute the entire agreement between Broker and Owner, and shall supersede any other written or oral agreement Page 5 of 6 PAAR Form ERTS 07/2017
239 between Broker and Owner. This Listing: (i) may be executed in any number of counterparts and a facsimile or 240 electronic copy shall be treated as an original Listing; and (ii) can be modified only by a writing signed by Broker and 241 Owner. 242 31. SUBSEQUENT PURCHASE OR LEASE OFFERS: Broker acknowledges that Owner has the right to accept 243 subsequent offers until the close of escrow in the case of a sale or until occupancy by a tenant in the case of a rental. 244 Owner understands that any subsequent offers accepted by Owner must be backup offers, namely, contingent on the 245 cancellation or other nullification of any contracts arising from the acceptance of earlier offers. 246 32. GOVERNING LAW: This Listing shall be governed by the laws of the State of Arizona. 247 33. CAPACITY: Owner warrants that Owner has the legal capacity and authority to enter into this Listing, deliver 248 marketable title to the Premises and consummate all transactions contemplated hereby on Owner's own behalf or on 249 behalf of the party Owner represents, as applicable. 250 34. TIME OF ESSENCE: Time is of the essence in the performance of the obligations contained in this Listing. 251 COMMISSIONS PAYABLE FOR THE SALE, LEASING OR MANAGEMENT OF PROPERTY ARE NOT 252 SET BY ANY BOARD OR ASSOCIATION OF REALTORS OR MULTIPLE LISTING SERVICE OR IN 253 ANY MANNER OTHER THAN BY NEGOTIATION BETWEEN THE BROKER AND THE CLIENT. 254 35. ACCEPTANCE: By signing below, Owner acknowledges that he/she has read, understands and accepts all terms 255 and provisions contained herein and that he/she has received a copy of this Listing. Owner's Signature Mo/Da/Yr Owner's Signature Mo/Da/Yr Print Name of Owner Phone Print Name of Owner Phone Street/Road (Mailing Address) City/Town State Zip Owner's Fax: E-Mail: Cell: IN CONSIDERATION OF OWNER'S REPRESENTATIONS AND PROMISES IN THIS LISTING, BROKER AGREES TO ENDEAVOR TO EFFECT A SALE, EXCHANGE, OR OPTION IN ACCORDANCE WITH THIS LISTING. Broker's Office Address Phone Agent's Signature Mo/Da/Yr Accepted by Broker Mo/Da/Yr Broker's File/Log No. Broker's Office Address Phone Agent's Signature Mo/Da/Yr Accepted by Broker Mo/Da/Yr Broker's File/Log No. Page 6 of 6 PAAR Form ERTS 07/2017