Contracts
A Florida listing agreement specifies that the seller will pay a commission if a 'ready, willing, and able' buyer is found. This means:
AThe buyer must have purchased a home before
BThe buyer must be financially qualified, willing to purchase on the seller's terms, and legally able to complete the transaction✓ Correct
CThe buyer must be pre-approved for a mortgage
DThe buyer must be a Florida resident
Explanation
A 'ready, willing, and able' buyer is one who: (1) is ready to complete the purchase, (2) is willing to buy on the seller's listed terms, and (3) is financially and legally able to close the transaction. The broker may be entitled to a commission even if the seller refuses to sell.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Math Concepts
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