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Every REALTOR® who gets a signed exclusive listing agreement hopes to sell the property during the exclusive listing period and earn a commission as a result. Under paragraph 3A(1) of the Residential Listing Agreement (C.A.R. Form RLA), three events must happen before compensation is due under that paragraph: 1) A ready, willing and able buyer is procured (by the listing broker, another broker or the seller); 2) The buyer’s offer is accepted, and 3) The escrow closes (whether during the listing term or after).
Offer accepted AFTER listing period. Under paragraph 3A(2) of the RLA it is possible to earn compensation for contracts that are accepted after the listing period has expired. Paragraph 3A(2) protects REALTORS® from sellers who would unfairly take advantage of a licensee’s time, marketing and expertise without any obligation to pay for such services or benefits by purposefully accepting offers after the listing period.
Pre-conditions to earning compensation after expiration of listing period. Before a licensee is entitled to a commission for a contract agreed-to after a listing period, several events must happen.