Contracts
In Michigan, a listing broker is entitled to a commission if they procure a buyer who is:
AOnly if the sale closes
BReady, willing, and able to purchase on the seller's terms✓ Correct
CPre-approved by any lender
DIntroduced to the property within the listing period only
Explanation
Under traditional common law, a broker earns a commission when they produce a buyer who is ready (will buy immediately), willing (wants to buy), and able (financially qualified to buy) on the seller's terms. Many modern listing agreements modify this standard.
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