Contracts
In New York, a real estate broker's claim for a commission is typically based on:
AFiling a lien against the property
BThe written listing agreement, which sets the terms under which a commission is earned✓ Correct
CAn oral agreement with the seller
DThe MLS rules
Explanation
A broker's right to a commission is governed by the written listing agreement (or buyer's representation agreement), which specifies the commission rate, the conditions under which it is earned, and the duration of the agreement.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Listing AgreementA 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.
Math Concepts
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