Dictionary of Real Estate Terms: limited-service option
limited-service option
plan offered by some real estate brokers that allows the buyer to contract for less than the full array of brokerage services at reduced commission rates.
Example: The Travises thought they could save money selling their home if they did some of the work themselves. They wanted professional assistance, so they contacted a broker who offered a limited-service option. The broker agreed to place the property in the Multiple Listing Service (MLS), screen prospective buyers before sending them to see the property, and provide the paperwork needed to prepare a contract. The Travises advertised the property and showed it to those who were interested in buying. They paid the broker a commission fee of 3% of the sales price.
