PSI Virginia Real Estate Practice Exam

Which type of listing allows the owner to sell the property without paying a commission?

1. Open Listing

2. Exclusive Agency Listing

3. Exclusive Right-to-Sell Listing

4. Brokerage Listing

The correct answer is: Exclusive Agency Listing

An Exclusive Agency Listing is a type of real estate listing agreement that gives the homeowner the right to sell the property themselves without incurring a commission, as long as the sale occurs without the involvement of the listing broker. In this arrangement, the broker is given the exclusive right to market the property, but if the homeowner finds a buyer independently, they can execute the sale without having to pay the broker's commission. This structure offers the seller flexibility and reduces the financial burden, as they can avoid paying commission fees if they successfully sell the property on their own. It's a middle ground between a full commission structure and a completely open listing, reflecting the seller's desire for both agency support and the potential to save on brokerage costs. In contrast, other listing types, such as Open Listings, offer similar flexibility but with less commitment from brokers, while Exclusive Right-to-Sell Listings require the homeowner to pay a commission to the broker regardless of how the buyer is found.