Final answer:
A listing agent gets paid under an exclusive right to sell agreement when the property successfully closes and the transaction is finalized. The payment is generally in the form of a commission, which is derived from the seller's proceeds at closing. If the property does not sell, the agent typically does not receive a commission.
Step-by-step explanation:
A listing agent typically gets paid under an exclusive right to sell agreement upon the successful closing of the sale of the property.
This type of agreement gives the listing agent the exclusive right to market the property and find a buyer. Payment to the listing agent is usually in the form of a commission, which is a percentage of the sale price of the home.
The process generally begins when the seller signs the exclusive right to sell agreement with the real estate agent. Under this agreement, the agent works to market the property, show it to potential buyers, and negotiate offers.
Once a buyer is found, the property goes under contract and eventually to closing, where the transaction is finalized. It is at this point—the closing—that the listing agent receives their commission for the sale of the property.