PSI Virginia Real Estate Practice Exam

What is the main characteristic of an Exclusive Right-to-Sell Listing?

1. The owner can sell the property without paying a commission

2. The broker is entitled to a commission regardless of who sells the property

3. Multiple brokers can sell the property simultaneously

4. The agreement does not guarantee any commission

The correct answer is: The broker is entitled to a commission regardless of who sells the property

An Exclusive Right-to-Sell Listing is a specific type of real estate agreement where the broker is granted exclusive rights to market the property. A key characteristic of this arrangement is that the broker is entitled to a commission regardless of who ultimately sells the property. This means that even if the property owner finds a buyer themselves, the broker still receives their commission because they were the agent responsible for the listing. This commitment provides the broker with a strong incentive to invest time and resources into marketing the property effectively. Other options do not correctly describe an Exclusive Right-to-Sell Listing. For example, stating that the owner can sell the property without paying a commission does not hold true under this type of agreement, as the broker's commission is guaranteed no matter who completes the sale. The option about multiple brokers selling simultaneously is characteristic of an open listing, where various brokers may compete for the sale. Lastly, the idea that the agreement does not guarantee any commission contradicts the fundamental essence of the Exclusive Right-to-Sell Listing, where the commission is indeed guaranteed to the broker.