On the 1500s, the gas shutoff valve is vacuum operated.
So, if the vacuum diaphragm gets a hole in it, the fuel pump is going to push fuel thru the hole, and it will overflow into that little plastic tray around the fuel tank cap.
They're a lot like us flw. Yes they are fixable. More so than we. They require new rubber parts. A kit. Our plumbing requires a bit more work. They are only machines.
Most other motorcycles have gravity feed fuel systems. No pressure on the fueal system. Since these bikes use a fuel pump, There is more pressure on the petcock. Add firing up the bike with the petcock turned off too many times and the suction pressure will sooner or later pull gas out of that closed petcock. At least that's my somewhat logical way of seeing it.
In response to the original question, no. Petcocks shouldn't leak. Manual, vacuum or electrical petcocks shouldn't leak.Over time the rubber parts harden and wear and the petcocks will eventually leak. Replacement parts are the answer. For the 1000 and 1100, Randakk has a good repair kit. For the 1500 the parts are getting harder to come by. If I still had my 1500 and it's vacuum petcock began to leak I would have replaced it with a 12V fuel solenoid.
Been my experience as well. For whatever reason, be it in the Physical World or that one based in Karma somewhere, if a Yamaha is left to sit outside for any lengthy periodof time with the petcock left undisturbed in any position, gar-un-teed like the Sun rising should you change its setting it will start to leak.
Just about anyone else has something better. Just one of those things to be expected with old Yammy's.
to answer the original question, yes it is common for them to leak. The next answer is No, they shouldn't (obviously. lol) Just normal wear will cause everything to break down eventually.
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