Colibri Real Estate 30-Hour Alabama Post License Practice Exam

What one-page form is used to change provisions of the Exclusive Right to Sell Property Listing Agreement after it has been signed?

1. Listing Agreement Amendment

2. Addendum to Exclusive Right to Sell Property Listing Agreement

3. Property Listing Agreement Revision

4. Change of Terms Document

The correct answer is: Addendum to Exclusive Right to Sell Property Listing Agreement

The Addendum to Exclusive Right to Sell Property Listing Agreement is specifically designed to modify the existing terms of the listing agreement after it has been executed. This one-page document allows parties to add, change, or remove specific provisions while maintaining the integrity of the original agreement. Utilizing an addendum is essential because it provides a clear, formal way to document modifications that both parties can easily reference. This helps ensure that any changes are legally recognized and understood by all involved, keeping the transaction transparent and orderly. An addendum effectively supplements the original contract, avoiding the need to rewrite or establish an entirely new agreement, which could lead to confusion or disputes regarding terms. Other options, while they may seem plausible, do not serve the same purpose in the context of existing agreements. For instance, a listing agreement amendment could suggest a more comprehensive alteration, and a revision usually implies more significant changes than a simple addition or change would entail. Meanwhile, a change of terms document lacks specificity and is not a standard form within real estate transactions.