74. An owner has signed an agreement including the statement that 'the agent has a 90-day exclusive and irrevocable right-to-sell.' Under this agreement, which of the following is true?
Answer: C
The licensee is entitled to a commission regardless of who sells the property within the 90-day period.
The agreement indicates that the agent has an exclusive and irrevocable right-to-sell for 90 days, meaning the licensee is guaranteed a commission even if the owner decides to sell the property themselves or if another party is involved in the sale.
A) The licensee is entitled to a commission unless the seller sells the property herself within the 90-day period.
This option is incorrect as it contradicts the exclusivity of the agreement. The irrevocable nature of the right-to-sell means that the licensee would still receive a commission regardless of whether the seller sells the property personally.
B) The licensee is entitled to a commission unless another brokerage sells the property within the 90-day period.
This option also fails to recognize the irrevocable nature of the agreement. Regardless of whether another brokerage is involved, the licensee retains the right to a commission for the duration of the 90-day period.
C) The licensee is entitled to a commission regardless of who sells the property within the 90-day period.
This option is correct based on the terms of the agreement. The exclusive and irrevocable right-to-sell ensures that the licensee will receive a commission no matter who completes the sale within the specified timeframe.
D) The contract may unilaterally be revoked by either the owner or the licensee within the 90-day period with no recourse.
This option is incorrect because the term "irrevocable" in the context of the agreement indicates that neither party can unilaterally revoke the contract during the 90-day period. The nature of the agreement binds both parties to its terms.
Conclusion
The correct answer is C, as the exclusive and irrevocable right-to-sell guarantees the licensee a commission regardless of who sells the property. Options A, B, and D are incorrect because they misunderstand the implications of an irrevocable agreement, which secures the licensee's commission irrespective of the seller's actions or involvement of other parties.