Which of the following is NOT a type of listing agreement in Virginia?

The correct answer indicates that an open-ended agreement is not recognized as a type of listing agreement in Virginia. In real estate practice, listing agreements are legal contracts between a property owner and a real estate broker that outline the terms under which the broker will market and sell the property.

The other options are established types of listing agreements that serve specific purposes:

• An exclusive right to sell agreement grants the broker the sole right to sell the property and ensures that the broker receives a commission regardless of who sells the property.

• An exclusive agency agreement allows the seller to retain the right to sell the property themselves without paying a commission to the broker, unless the broker brings the buyer.

• A net listing agreement establishes a minimum acceptable price for the seller and allows the broker to keep any amount over that price as commission. However, it's worth noting that net listings are discouraged and can be problematic because they may create conflicts of interest.

In contrast, open-ended agreements do not conform to the defined structure of recognized listing agreements in Virginia, as they lack fixed terms for exclusivity or rights. This differentiation highlights the structured nature of real estate agreements important for protecting both agents and clients in the transaction process.