Final answer:
A seller's broker cannot collect a fee from a breaching buyer without a written agreement, as it documents the terms of payment. Perfect information is essential for buyers and sellers to agree on a price, and imperfect information can lead to disagreements and complications in the transaction.
Step-by-step explanation:
A seller's broker may be unable to collect a fee from a breaching buyer if the broker lacks a written agreement. In real estate and other sales industries, having a written contract or agreement in place is typically necessary to establish the terms under which the broker will be paid. Without this formal documentation, it can be challenging to enforce any claim for payment, especially if the buyer or seller decides to back out of the transaction. Professional certifications or referrals might enhance a broker's reputation but are not legal prerequisites for fee collection. A valid license, however, is essential for operating legally as a broker, but it is not the issue in question regarding contractual rights.
It might be difficult for a buyer and seller to agree on a price when imperfect information exists because both parties may not have all the relevant details to make an informed decision. Perfect market conditions, as pointed out in the review questions, require all participants to be well-informed. Lack of information can result in unrealistic price expectations from sellers or unwillingness to meet the asking price by buyers, making the agreement process more complicated.