Agency
A West Virginia seller cancels the listing agreement before it expires without cause. The broker may be entitled to:
ANothing — the seller always has the right to cancel
BThe commission on any sale that occurs within the protection period to a buyer the broker introduced✓ Correct
CThe full commission as if the property had sold
DOnly reimbursement of marketing expenses actually incurred
Explanation
If a seller cancels the listing early and the property is subsequently sold to a buyer the broker introduced during the listing term (within the protection/safety period), the broker may be entitled to a commission. The broker may also recover marketing expenses under some agreement terms.
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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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