Final answer:
The correct statement regarding listings and options is that a listing creates a fiduciary relationship while an option does not. Listings do not typically require consideration other than the commission agreement, and specific performance cannot be sought from a listing, unlike with an option.
Step-by-step explanation:
When discussing real estate contracts, it is important to differentiate between listings and options. A listing is an agreement wherein a property owner grants a real estate agent the authority to sell a property, creating a fiduciary relationship in which the agent must act in the best interests of the client. An option contract, on the other hand, grants the optionee the right to purchase a property at a specified price within a set time frame, but does not obligate them to do so.
The correct statement concerning these contracts is: a. A listing creates a fiduciary relationship, an option does not. This is because a listing agreement establishes an agent-principal relationship with duties such as loyalty and care, while an option is a unilateral contract that doesn't establish such a relationship. The statement about consideration being required for both the listing and the option (b) is inaccurate because a listing agreement often doesn't require consideration aside from the promise to pay a commission upon the successful sale of the property. Statement (c), regarding the owner being sued for performance, is true for options, since the seller is bound to the terms if the optionee decides to exercise their right, but not for listings, where specific performance is not applicable as the agent is not obligated to actually sell the property.