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A contract between the seller of real property and a licensee whereby the seller agrees to pay the licensee a commission if he produces a "ready, willing, and able" buyer and the licensee agrees to use due diligence in procuring a buyer, is called:

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Final answer:

A listing agreement is a contract in which the seller agrees to pay a commission if the licensee finds a ready, willing, and able buyer.

Step-by-step explanation:

The contract described in the question is known as a listing agreement.

A listing agreement is a contract between a seller of real property (such as a house) and a licensee (usually a real estate agent), where the seller agrees to pay the licensee a commission if they find a ready, willing, and able buyer, and the licensee agrees to use due diligence in finding a buyer.

Listing agreements are commonly used in the real estate industry to formalize the relationship between a seller and an agent, outlining the agent's responsibilities and the seller's obligations.

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