What best describes a direct reimbursement program in relocation?

In a direct reimbursement program for relocation, the defining characteristic is that the employer does not guarantee an appraised value for the transferee's property. This means that employees are typically reimbursed for their actual expenses related to selling their homes, rather than receiving a predetermined sum based on an appraisal.

In this type of program, the risk of unsold or under-sold properties falls more on the employee rather than the employer, allowing for flexibility as the employee manages their home sale independently. As a result, employees may be more proactive in finding buyers, as their reimbursement is tied directly to the actual expenses incurred.

The other options present conditions that are not standard in direct reimbursement programs. For instance, restrictions on listing the property until an appraisal is established or requiring multiple appraisals are more aligned with guaranteed buyout programs where the employer takes on more risk. Moreover, needing employer approval on offers could imply an endorsement or involvement in the selling process that is typically not part of a direct reimbursement program, as these programs emphasize employee independence.