Final answer:
The correct answer is option D. Exclusive agency listing.
Step-by-step explanation:
The type of listing contract described in the student's question is the Exclusive Agency Listing. This kind of real estate contract allows an agent to list and market a seller's home, with the stipulation being that the seller retains the right to sell the property themselves. In this scenario, if the seller ends up finding a buyer on their own, they are not obligated to pay a commission to their real estate agent. However, if the agent or another cooperating agent secures a buyer, the seller has to pay the agreed-upon commission.
It's important to differentiate between this and the Exclusive Right to Sell Listing, where the seller has to pay the agent a commission no matter who finds the buyer. Other options, such as the Net Listing and the Multiple Listing, operate differently.
A Net Listing is where the agent sells the property for more than the price set by the seller and keeps the excess as the commission, while a Multiple Listing involves an agreement allowing for cooperation among multiple agents in the sale of the property.