Final answer:
The term 'procuring cause' is used to describe a broker who finds a buyer prepared to purchase property at the asking price and terms set by the seller, which earns the broker a commission despite the final outcome of the sale.
Step-by-step explanation:
The term, procuring cause, refers to a broker who produces a buyer 'ready, willing, and able' to purchase the property for the sale price and on the terms specified by the seller, regardless of whether the sale is completed. This concept is relevant in the realm of real estate transactions where multiple potential buyers may be interested in a property. The procuring cause is a legal term that attributes the successful transaction to the efforts of a particular broker, ensuring they receive a commission if they meet the established criteria. The term acknowledges the broker's role in bringing about the sale even if the transaction does not close due to reasons beyond their control.