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AGO Opinions with Topic: DEFINITION OF "CLOSED" TRANSACTION
AGO 1950 No. 207 >  January 25, 1950
REAL ESTATE BROKERS - DUTIES OF - COMMISSION OF - WHEN EARNED - DEFINITION OF "CLOSED" TRANSACTION
REAL ESTATE BROKERS -- DUTIES OF -- COMMISSION OF -- WHEN EARNED -- DEFINITION OF 'CLOSED' TRANSACTION

A. A real estate broker's commission is earned upon his supplying a purchaser ready, willing and able to buy according to seller's terms, and upon completing duties called for in the earnest money agreement, or his agreement with his principal.B. The broker's commission may be earned prior to final closing of a transaction, but the broker may not deduct it until he has completed all his duties and has accounted to his principal for sums coming into his hands.

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