Virginia State 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 property details, commission amount, expiration date, and is signed by the seller, making it essential for real estate transactions.
Option A, an offer to purchase, is initiated by a buyer and does not detail commission or expiration. Option B, a contract to sell, typically arises after an offer is accepted and focuses on the sale terms rather than listing specifics. Option D, an option agreement, grants a buyer the right to purchase but does not involve the seller's commission or listing details. Thus, only the listing contract encompasses all required elements.
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