PSI Virginia Real Estate Practice Exam

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What is a key difference between an Exclusive Agency Listing and an Exclusive Right-to-Sell Listing?

In Exclusive Agency, multiple brokers are involved
In Exclusive Agency, the owner can sell without commission
In Exclusive Right-to-Sell, the owner has no control over sales
In Exclusive Right-to-Sell, the owner cannot cancel the agreement

The correct answer is: In Exclusive Agency, the owner can sell without commission

In an Exclusive Agency Listing, the property owner retains the right to sell the property themselves without incurring a commission, provided that the sale is not facilitated by the agent. This feature differentiates it from an Exclusive Right-to-Sell Listing, where the agent earns a commission regardless of who sells the property, whether it's the agent or the owner. This aspect of the Exclusive Agency Listing enables the seller to save on commission fees if they successfully complete the sale independently. Understanding this distinction is vital for real estate professionals and homeowners, as it affects how listings are structured and what rights the seller maintains during the listing period. The flexibility in managing the selling process and the potential for the owner to avoid paying commission fees are significant incentives that might make an Exclusive Agency Listing appealing to some sellers.