In Virginia, what is the term for a listing agreement that ensures the agent is paid regardless of who sells the property?

In Virginia, the term that describes a listing agreement ensuring that the agent is compensated regardless of who sells the property is known as the exclusive right to sell. This type of agreement means that even if the property owner finds a buyer independently or another agent brings a buyer, the listing agent is entitled to a commission. This structure aligns the incentive for the agent to actively market and promote the property since they are assured payment if the property sells, which can lead to more vigorous sales efforts.

The other terms, while related to real estate transactions, do not convey the same guarantee of payment for the agent regardless of who ultimately sells the property. For instance, the exclusive right to represent refers to an agreement where an agent represents a buyer or seller in a transaction but does not specifically address payment from the sale of the property. Similarly, an exclusive right to lease pertains to rental agreements rather than property sales. A general listing agreement does not indicate the same level of commitment or exclusive rights that guarantee commission to the agent regardless of who sells the property.