Contracts
A West Virginia listing agreement that requires the seller to pay a commission even if no sale occurs due to the broker's default is:
AStandard in all WV listing agreements
BUnenforceable as against public policy✓ Correct
CRequired by WVREC regulations
DPermitted only for commercial listings
Explanation
A listing agreement provision requiring payment of a commission even when the broker defaults would be unenforceable as against public policy. A broker must generally procure a ready, willing, and able buyer to earn a commission — failure to perform prevents earning the commission.
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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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Math Concepts
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