Critical to Any Listing Contract Is the Question of When

question 17

Multiple Choice

Critical to any listing contract is the question of when the broker becomes entitled to a commission. Traditionally, the broker is still entitled to a commission in all of the following scenarios EXCEPT:

• A) If the seller refuses to sell upon being presented with an offer meeting the original terms and conditions
• B) If the seller cannot deliver the property for any reason due to his or her fault.
• C) If both the buyer and seller sign a contract but then agree to cancel it.
• D) If a contract is contingent upon the buyer obtaining financing and the buyer is unable to do so.

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Definitions:

Hierarchy of Authority

The arrangement or classification of individuals within an organization based on power, status, and responsibilities, creating a structure of superior and subordinate relationships.

Implementation Decisions

The actions and strategies put into place to execute policies, plans, or programs.

Executive Branch

The part of government responsible for implementing, supporting, and enforcing laws; in the U.S., it includes the President, the Vice President, and the Cabinet.

President's Cabinet

A group of the most senior appointed officers of the executive branch of the U.S. government, who head various departments and advise the President.