easy · National Real Estate Exam contracts
A broker produces a buyer who meets all the seller's terms. The seller accepts the offer, but the buyer later defaults and refuses to close for no legal reason.
In many jurisdictions, what happens to the broker's commission?
- The broker must refund all commission and pay for the buyer's legal defense
- The commission is cancelled and the broker is prohibited from ever listing the home again
- The broker is entitled to a full commission from the seller because a contract was signed
- The broker is automatically entitled to the buyer's entire life savings
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