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Broker's Commission Laws Quiz

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Questions and Answers

Which statement about a broker's commission is TRUE?

The seller and the buyer may rescind the sale, thus relieving the seller of the obligation to pay the broker's commission.

A listing agreement signed only by the seller is unenforceable.

Action for the broker's commission must be brought within four years of earning the commission. (correct)

The broker's commission earned but not paid creates a lien on the seller's property.

A buyer can rescind the sale and relieve the seller from paying the broker's commission.

True (A)

What is the maximum time period within which action for a broker's commission must be initiated?

four years

A listing agreement signed only by the ______ is unenforceable.

<p>seller</p> Signup and view all the answers

Match the aspects of broker commissions with their corresponding statements:

<p>Statute of limitations = Four years Rescind sale = Relieves seller of commission obligation Enforceability of listing agreement = Requires both seller and broker signatures Unpaid commission = May create a lien on seller's property</p> Signup and view all the answers

Study Notes

Broker's Commission

Action to claim a broker's commission must be taken within four years of earning it, according to the statute of limitations.
A seller and buyer may cancel a sale, which removes the seller's obligation to pay the broker's commission.
A listing agreement only signed by the seller is not legally binding.
A broker's unpaid commission does not create a lien on the seller's property.

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Description

Test your knowledge on the essential legal aspects related to a broker's commission. This quiz covers important topics such as the statute of limitations, listing agreements, and the responsibilities of buyers and sellers. See how well you understand the intricacies of broker compensation!