Agency
A Kentucky seller cancels the listing agreement without cause before the listing expires. If the seller subsequently sells the property, the listing broker:
AHas no remedy since the listing was cancelled
BMay be entitled to damages including the commission they would have earned✓ Correct
CCan force the seller to complete the listing period
DMust report the seller to KREC
Explanation
A listing agreement is a contract. If the seller breaches it by cancelling without proper cause, the listing broker may be entitled to damages including the commission they would have earned.
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Math Concepts
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