55. A licensee at ABC Realty has a listing to sell a property. The listing will not expire for 70 more days. If the licensee decides to move licenses to QRS Realty, what is the status of the listing?
Answer: D
The listing belongs to the firm, ABC Realty, and the rights to a commission if the property sells during the listing will be determined by the policies of ABC Realty.
The listing is owned by ABC Realty, which means that the commission rights are governed by the brokerage's policies, regardless of the licensee's decision to move to QRS Realty.
A) The licensee cannot qualify for any part of the commission even after finding a buyer to purchase the listing during the listing period
This option is incorrect since the licensee could still qualify for a commission, but it depends on the policies of ABC Realty regarding listings and commissions. The licensee's ability to earn a commission is not outright eliminated; rather, it is contingent on the brokerage's rules.
B) It is the licensee's listing and will automatically get the listing commission when the property sells regardless of the change of brokerage companies
This statement is false as the listing is not personally owned by the licensee but by ABC Realty. The commission will not automatically go to the licensee upon sale, as it is tied to the brokerage firm.
C) The licensee can inform both the seller and the principal broker of ABC Realty about moving the listing to QRS Realty and continue to market the property
This option is misleading because while the licensee can inform the seller and the principal broker, they cannot simply move the listing to a new brokerage. The listing remains with ABC Realty, and the licensee must comply with the policies of the firm.
D) The listing belongs to the firm, ABC Realty, and the rights to a commission if the property sells during the listing will be determined by the policies of ABC Realty
This option is correct since the listing agreement is between the seller and ABC Realty, meaning the rights to the commission are dictated by the firm's policies, irrespective of the licensee's change of brokerage.
Conclusion
The correct answer is D because it accurately reflects the legal and operational framework of real estate listings, where the brokerage holds the listing rights. Options A, B, and C fail to recognize the fundamental principle that listings belong to the brokerage, not the individual licensee, thereby determining the commission outcomes based on firm policy.