Question

A real estate broker included the following clause in her standard listing contract: "In consideration of execution of the foregoing, the undersigned broker agrees to use diligence in procuring purchaser." This is:

Answer 1

The clause requires the real estate broker to diligently find a buyer for the property.

Step-by-step explanation:

The clause included in the real estate broker's standard listing contract, which states, 'In consideration of execution of the foregoing, the undersigned broker agrees to use diligence in procuring purchaser,' is a legal provision that requires the broker to make reasonable efforts to find a buyer for the property.

This clause is important because it establishes the broker's obligation to actively seek potential purchasers and to act in the best interests of the property owner.

An example of fulfilling this obligation would be the broker actively marketing the property through advertising, open houses, and networking with potential buyers and other real estate professionals.