Marcus, a licensed Rhode Island real estate broker, agrees to represent a seller under a listing agreement that specifies a 5% commission. The property sells for $400,000. Before closing, the seller demands that Marcus reduce his commission to 3% because the property sold quickly. Under Rhode Island law, which statement best describes Marcus's legal position?
Correct Answer
A) Marcus may enforce the original 5% commission as agreed in the written listing contract
Under Rhode Island law, a written listing agreement is a binding contract between the broker and the seller. Once a valid listing agreement specifying a commission rate is signed, the broker is entitled to enforce that rate upon performance. The seller's unilateral demand to reduce the commission after the property is sold does not obligate the broker to accept a lower fee.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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