PSI Virginia Real Estate Practice Exam

Which of the following options best defines a broker's commission in an Exclusive Right-to-Sell Listing?

1. Only applicable if the owner sells the property

2. Due only if the property is sold within three months

3. Guaranteed regardless of who sells the property

4. No commission is provided under this agreement

The correct answer is: Guaranteed regardless of who sells the property

In an Exclusive Right-to-Sell Listing, a broker's commission is defined as guaranteed regardless of who sells the property. This means that once a seller has entered into this type of agreement with a broker, the broker is entitled to receive the commission once the property is sold, even if the seller themselves finds the buyer. This arrangement incentivizes brokers to actively market the property since their compensation is secured as long as the sale occurs during the listing agreement period, regardless of the source of the buyer. Other choices may imply conditions that do not apply to this type of listing; for example, suggesting that a commission is contingent on specific circumstances like the owner selling the property or limiting the timeframe for earning a commission is not accurate within the context of an Exclusive Right-to-Sell Listing. The terms clearly establish the broker's right to commission, which is a fundamental aspect of this agreement type.