Contracts
In Connecticut, a real estate broker's commission is earned when:
AThe listing agreement is signed
BThe broker procures a ready, willing, and able buyer who meets the seller's terms✓ Correct
CThe closing occurs
DThe offer is made but not yet accepted
Explanation
Under common law, a broker earns a commission when they produce a ready, willing, and able buyer who is prepared to purchase on the seller's terms. However, most Connecticut listing agreements condition payment on the actual closing.
Related Connecticut Contracts Questions
- A Connecticut seller's counteroffer states 'This counteroffer expires at 5:00 PM on Friday.' The buyer signs the counteroffer at 3:00 PM Friday but the seller does not learn of the acceptance until Monday. Is there a binding contract?
- A Connecticut seller receives three offers on the same day. How must the listing agent handle this?
- Which element is NOT required for a valid Connecticut real estate contract?
- A seller in Connecticut who accepts an offer with a home inspection contingency is obligated to:
- A contract that is 'void' in Connecticut is best described as:
- A Connecticut buyer is purchasing a multi-family property. The purchase contract requires the seller to provide estoppel certificates from each tenant before closing. What is the purpose of an estoppel certificate?
- A Connecticut real estate agent acting as a dual agent cannot do which of the following?
- A Connecticut real estate contract contains an 'escalation clause' stating the buyer will pay $2,000 above any competing offer up to a maximum of $500,000. The competing offer is $482,000. The buyer's effective offer is:
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →