A seller listed a residence with a broker. The broker brought an offer at full price and terms of the listing agreement from a buyer who is ready, willing, and able to pay cash for the property, but the seller rejected the buyer’s offer. In this situation, what is the seller obligated to do? List the similarities of an exclusive agency listing and an exclusive right-to-sell listing. The listing agreement on a residential property states that it expires on May 2. Give an example of an event that would terminate the listing before that date? A broker sold a residence for $485,000 and received $26,675 as commission in accordance with the terms of the listing agreement. What was the broker’s commission rate? A seller hired a broker under the terms of an open listing agreement. While that agreement was still in effect, the seller—without informing the first broker—hired another broker from a separate firm under an exclusive right-to-sell listing for the same property. If the first broker produces a buyer for the property whose offer the seller accepts, the seller must pay a full commission to whom and why?