33. Broker A and a seller agree to an open listing. Broker B obtains a second open listing from the seller and produces a buyer who is ready, willing, and able to close on the seller's home. Which statement is true of this transaction?
Answer: B
Broker B will earn the full commission if the buyer performs.
In this scenario, Broker B will earn the full commission because they successfully produced a ready, willing, and able buyer for the property under an open listing agreement. Open listings allow multiple brokers to represent the same property, and the broker who brings in the buyer typically earns the commission.
A) Broker B must call Broker A to present the offer.
This statement is incorrect. In an open listing, there is no requirement for Broker B to inform Broker A about the buyer or present the offer to them, as each broker operates independently in such agreements.
B) Broker B will earn the full commission if the buyer performs.
This statement is correct. Since Broker B found a buyer who is ready, willing, and able to close on the home, they are entitled to the full commission as per the terms of the open listing agreement.
C) Broker A and Broker B will split the commission upon closing.
This statement is incorrect. In an open listing scenario, the broker who successfully brings in the buyer earns the entire commission, meaning there is no obligation for a split between Broker A and Broker B.
D) The seller is required to pay a commission to Broker A upon closing.
This statement is also incorrect. The seller is not obligated to pay a commission to Broker A if Broker B successfully closes the sale with their buyer, as the open listing allows the seller to work with multiple brokers.
Conclusion
Broker B is rightfully entitled to the full commission in this case, as they fulfilled the role of bringing a buyer to the seller. The other options fail to recognize the nature of open listings, which permits brokers to independently earn commissions based solely on their success in closing a deal.