Ace the Arizona Real Estate Exam 2025 – Unlock Your Property Dreams!

The correct answer is the listing contract, which serves as the formal agreement between a seller and a broker. This document outlines the terms under which the broker will market and sell the property on behalf of the seller. It specifies crucial details such as the duration of the agreement, the commission structure, and the responsibilities of both parties.

By having a written listing contract, both the seller and broker have a clear understanding of their roles and obligations, which helps to minimize disputes and align expectations. This is essential in the real estate process, as it protects the interests of both the seller and the broker while ensuring that the sale is conducted professionally and legally.

The other options do not fit the purpose of outlining the relationship between a seller and a broker. A purchase contract is used once a buyer and seller agree on the terms to finalize the sale of a property. A buyer agreement involves an agreement between a prospective buyer and a broker, focusing on the buyer's relationship with the broker, rather than the seller's. An offer letter is typically used by a buyer to present an offer to purchase a property and does not define the relationship between the seller and broker.