Illinois Real Estate Exam Practice Question
In most listing contracts, a broker who procures a ready, willing, and able buyer who agrees to purchase the property in accordance with the terms of the listing agreement
Correct Answer: A
Rationale: In most listing contracts, a broker earns a commission when they successfully procure a ready, willing, and able buyer who agrees to the terms of the listing agreement.
Option B is incorrect because the broker's commission is typically earned at the point of agreement, not contingent on the sale closing. Option C misrepresents the timing of commission earnings; brokers do not wait until contingencies are satisfied to earn their commission. Option D is also wrong; if a buyer and seller rescind the contract, it does not negate the broker's right to commission if the buyer was ready and willing to proceed.
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