Final answer:
A listing agreement is a contract in which the seller agrees to pay a commission if the licensee finds a ready, willing, and able buyer.
Step-by-step explanation:
The contract described in the question is known as a listing agreement.
A listing agreement is a contract between a seller of real property (such as a house) and a licensee (usually a real estate agent), where the seller agrees to pay the licensee a commission if they find a ready, willing, and able buyer, and the licensee agrees to use due diligence in finding a buyer.
Listing agreements are commonly used in the real estate industry to formalize the relationship between a seller and an agent, outlining the agent's responsibilities and the seller's obligations.