I've bought numerous Windows 7 and a couple of Windows 10 keys, plus a few MS Office keys, never had any issues.
Sometimes, the keys would require phone activation, but that was ages ago. Nowdays they just work.
The providers give you a key that you can use to activate, and a link for the ISO, but that part is optional. The keys work with untouched ISOs, too. FWIW, I once downloaded the seller's ISO and compared the hashes, and they matched up.
I may have to add, I live in Germany, which is part of the EU, and the courts here have decided key resale is completely legal and MS has to tolerate it.
["Volume license software may be sold individually"]: https://translate.google.com/translate?sl=auto&tl=en&u=https...
[original]: https://www.golem.de/news/bgh-urteil-software-aus-volumenliz...
A stolen or misappropriated product key is almost as bad as a virus, though. It will work great... but only at first, until Microsoft notices that 50,000 customers are using it.