Illinois Real Estate Exam Practice Question
What kind of contract describes the property, states the amount of commission to be paid, states an expiration date, and is signed by the seller?
Correct Answer: C
Rationale: A listing contract specifically outlines the details of a property, including the commission amount, expiration date, and is signed by the seller, establishing the agent's authority to market the property.
An offer to purchase (A) is initiated by a buyer and does not include commission terms or seller signatures. A contract to sell (B) typically occurs after an offer is accepted, focusing on the sale terms rather than listing specifics. An option agreement (D) grants a buyer the right to purchase in the future but does not involve commission or seller signatures at the outset. Thus, the listing contract is the only option that meets all criteria outlined in the question.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now