[Recommended] Exclusive Real Estate Listing
The Warren family signed an exclusive real estate listing agreement with Detlefsen real estate brokerage to sell their property. The agreement provided that the Warren’s were obligated to pay a commission of 5% of the sales price if they sell the property to any person during the term of the exclusive listing agreement. The term of the agreement was six months long running from January 1 of the year through June 30th. Detlefsen marketed the property and secured several offers with the highest offer being $700,000 from Ivy Jones which the Warren’s agreed to on May 30th of that year. This sales contract had a provision that in the event of default by the Warren’s Ivy Jones only recourse would be a refund of her $10,000 deposit. Subsequently, a friend of the Warren’s, Zaine Johnson a person unknown to Detlefsen, found out the Warrens were selling the property and offered to buy it for $800,000. The Warren’s thus, subsequently cancelled the sales contract to Ivy Jones and returned her $10,000. They then waited until July 1, after the term of their exclusive contract with Detlefsen had lapsed and signed a written agreement to see the property to Zaine Johnson. Does the Warren family owe any brokers fee to Detlefsen for the sale of the property? Why or why not? If a fee is owed what should it be based on the $700,000 sales price or the $800,000 sales price? Discuss.
In a 500-1,000 word assignment response, please include a high-level and general review of the concepts and content in the scenario above based on this modules readings. Please consider the following while reading and developing the assignment response,
Include a title and reference page (not included in word count), Include in-text citations as content is included or obtained from the article. Utilize quotes sparingly. Please paraphrase the content and base the paraphrased content on APA formatted in-text citations. Include a balanced review of the various concepts and content identified in the article. For example, please avoid only including an in-depth discussion on one or two elements of the article, but rather a high level and general review of the article and the several concepts addressed.