12.1 - Listing Agreement - Part 1

Non-Exclusive Listing (Open Listing)

A listing given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property.

Listing Contract

A contract in which a property owner employs a real estate broker to market the property described in the contract.

Exclusive Agency Agreement

A listing given to only one broker (exclusive) who is entitled to the commission if the broker or any agent of the listing broker effects a sale but imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker.

Exclusive Agreement (Exclusive Right to Sell Listing Agreement)

A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract.

Net Listing

A listing which provides that the agent may retain as compensation for agent's services all sums received over and above a net price to the owner.