Initialization, two-spin coherent manipulation, and readout of a three-spin qubit are demonstrated using a few-electron triple quantum dot. The three-spin qubit is designed to allow all operations for full qubit control to be tuned via nearest-neighbor exchange interaction. Fast readout of charge states takes advantage of multiplexed reflectometry. Decoherence measured in a two-spin subspace is found to be consistent with predictions based on gate voltage noise with a uniform power spectrum. The theory of the exchange-only qubit is developed and it is shown that initialization of only two spins suffices for operation. Requirements for full multiqubit control using only exchange and electrostatic interactions are outlined.