A broker lists a property for sale at $100,000 with a 5 percent commission, and he later obtains an oral offer from a prospective buyer to purchase the property. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Before it can be put in writing, the buyer backs out and revokes the oral offer. In this situation, the broker would be entitled to

A) a commission of $5,000.
B) only a partial commission.
C) no commission.
D) the normal rate of commission.

Answer: C) no commission.

Business

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Unilateral concessions refer to ________; bilateral concessions refer to ________

A) general concessions made by both sides; specific concessions made by one party B) consistent concessions; inconsistent concessions C) concessions made by one party; concessions made by both parties to the negotiation D) differential concessions; homogeneous concessions

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The key determinant regarding whether a worker should be classified as an employee or an inde-pendent contractor is:

(a) whether the worker or the organization has control over the manner in which the work is performed, (b) whether payroll taxes are paid on behalf of the worker, (c) whether has flexibility in how he or she completes assignments, (d) whether the worker is paid hourly or by salary.

Business