Contracts
A Virginia listing agreement is best described as:
AAn employment contract between a seller and a broker✓ Correct
BA contract of sale between buyer and seller
CA mortgage agreement between buyer and lender
DA management agreement between owner and property manager
Explanation
A listing agreement is an employment contract that authorizes the broker to represent the seller in the marketing and sale of their property, typically in exchange for a commission.
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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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Math Concepts
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