A broker listed a property for $175,000 with instructions that seller wanted at least $5,000 earnest money. The broker produced a buyer who offered the full listed price and included $3,000 earnest money check. If the seller did not accept the offer, would the broker be due a commission?
A. Yes, the broker produced a buyer at the full listed price.
B. Yes, earnest money is not required in a real estate contract.
C. No, the broker did not produce a buyer that fulfilled the terms of the listing agreement.
D. No, the earnest money must be paid in cash.
Answer: C. No, the broker did not produce a buyer that fulfilled the terms of the listing agreement.
You might also like to view...
The following returns were earned last year: Fund A, 10%, Fund B, 18%, the overall market, 11%. Fund A's beta was 0.8 while Fund B's was 2.0. Therefore, the best investment was Fund A
Indicate whether the statement is true or false.
Approximately how many vehicles are in the garage, waiting for repairs or being repaired?
A crew of mechanics at the Department of Transportation garage make minor repairs to snowplows during the winter. The snowplows break down at an average rate of 4 vehicles per day and breakdowns are distributed according to the Poisson distribution. The mechanic can service an average of 7 vehicles per day with a repair time distribution that approximates a negative exponential distribution. Assume an 8 hour day.