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36. Is the broker owed a commission?
Three months later, the woman sold the house to a corporation for $249,000. The broker never had any contact with the corporation.
The list price for the house was $250,000. The broker produced a prospective buyer who offered to purchase the house for $249,000 and who was prequalified to purchase at that price. The woman rejected the offer, giving no reason for her rejection, and the listing agreement expired the next day.
A woman listed her house for sale with a real estate broker. The woman and the broker signed a listing agreement, under which the woman agreed that the broker was to be the woman's sole agent during the six-month period of the listing agreement. The listing agreement was not recorded.
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A is incorrect. There is no requirement that a listing agreement be recorded, and in fact, listing agreements are often not recorded.
C is incorrect. The broker did not produce a ready, willing, and able buyer during the term of the listing agreement because the offer was for less than the listing price in the listing agreement. It is irrelevant that the property's ultimate sale price was equivalent to the earlier offer because the broker was not involved in the sale of the house after the listing agreement had expired and is thus not entitled to a commission.
D is incorrect. The woman is under no obligation to provide justification for rejecting an offer made during the listing period for an amount less than the listing price.