Contracts
In Arizona, an exclusive-right-to-sell listing agreement means:
AThe seller may cancel without penalty at any time
BThe listing broker earns a commission regardless of who procures the buyer, including the seller✓ Correct
CMultiple brokers share the listing equally
DThe broker must sell within 30 days or forfeit the listing
Explanation
An exclusive-right-to-sell listing guarantees the listing broker a commission regardless of who sells the property — even if the seller finds the buyer independently. This is the most common listing type used in Arizona residential transactions.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Math Concepts
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