real estate

Exclusive-agency listing

A listing contract in which the owner of the property selects a real estate broker as his or her exclusive agent for a certain amount of time to sell the property on the owner's stated conditions in exchange for a fee. This appointment typically lasts for the duration of the listing contract. However, the owner retains the right to sell the property without having to pay a commission to anybody by making a sale to a prospective purchaser who has not been presented with or claimed by the broker.