Exclusive Listing
An exclusive listing is a listing agreement where only one broker is authorized to market and sell a property, with two types: exclusive right to sell (broker gets commission regardless of who sells) and exclusive agency (owner can sell without commission).
🎬 Video Explanation
Exam Tip
Exclusive right to sell = broker paid no matter who sells. Exclusive agency = no commission if owner sells themselves. This is a frequently tested topic!
What is an Exclusive Listing?
An exclusive listing gives one broker the exclusive right to market a property for a specific time period. The key distinction is between exclusive right to sell and exclusive agency.
Types of Exclusive Listings
| Type | Commission Due When... |
|---|---|
| Exclusive Right to Sell | Property sells by anyone (most common) |
| Exclusive Agency | Broker procures buyer (owner can sell FSBO) |
Exclusive Right to Sell
| Feature | Description |
|---|---|
| Commission | Owed no matter who sells (broker, owner, another party) |
| Most Protective | Best for broker |
| MLS Listing | Usually requires this type |
| Broker Incentive | High—guaranteed payment if sold |
Exclusive Agency
| Feature | Description |
|---|---|
| Commission | Only if broker finds buyer |
| Owner Exception | Owner can sell personally without commission |
| Less Common | Less broker protection |
| Potential Conflict | Dispute over who found buyer |
Open Listing Comparison
| Feature | Exclusive | Open |
|---|---|---|
| Brokers | One | Multiple |
| Commission | Guaranteed (exclusive right) | Only procuring cause |
| Broker Effort | High | Lower (no exclusivity) |
Listing Agreement Elements
| Element | Purpose |
|---|---|
| Property Description | Identifies the property |
| List Price | Seller's asking price |
| Commission Rate | Broker's compensation |
| Term | Duration of listing |
| Seller's Obligations | Cooperation, disclosure |
| Broker's Duties | Marketing, showing |
Exam Alert
Exclusive right to sell = commission owed regardless of who sells. Exclusive agency = no commission if owner sells. Open listing = multiple brokers, commission only to procuring cause. Know the differences!