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Broker – Property II Outline

Property II

Broker

There are two rules as to when a broker earns his commission, differing when it is the buyer's fault the sale did not close:

  • The traditional/majority rule:
    A broker is entitled to a commission when he produces a buyer ready, willing, and able to purchase the property on the seller's terms, even if the sale is not completed.
  • Dobbs Rule

    The Dobbs rule says that a real estate broker does not earn a commission unless the contract of sale is performed, and he has not produced a ready, willing and able buyer if the buyer refuses or is unable to perform at closing. However, the broker has not produced a ready, willing, and able buyer if the seller is the reason the deal did not close.

Drake.