North Carolina Post Licensing 301 Practice Exam

If a seller refuses to sign an offer that is below the list price, is a commission due?

Yes, immediately No, unless the price is agreed upon Yes, only if the buyer is still interested No, it isn't due until the property is sold

Correct Answer:

No, unless the price is agreed upon

Explanation:

A commission is typically due only when there is a binding agreement in place regarding the sale of the property, which means that the seller must accept and sign an offer for a contract to be formed. If a seller refuses to sign an offer that does not meet their list price, it indicates that there is no agreement on the terms of the sale, which includes the price. Since a commission is contingent on the completion of a sale or an accepted offer, it would SAMPLEnot be owed in this situation until both the buyer and seller agree on the terms. Thus, until the seller signs an agreement that reflects a price that both parties accept, the commission is not considered due.

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