Virginia State Real Estate Exam Practice Question
A property was listed with a broker, but the owners advertising the property found a buyer and negotiated the sale themselves. After the closing, the owners paid a full commission to the broker. The broker must have had
Correct Answer: D
Rationale: An exclusive right-to-sell listing grants the broker the sole right to earn a commission regardless of who sells the property, including the owners themselves. Since the owners paid the full commission after finding a buyer, this aligns with the terms of such a listing.
Option A, an open listing, allows owners to sell without owing a commission if they find a buyer independently, which contradicts the scenario.
Option B, an exclusive agency listing, would allow the owners to sell without commission if they found a buyer, which is not the case here.
Option C, a net listing, focuses on the seller receiving a predetermined amount, and the broker keeping any excess as commission, which does not apply to this situation.
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