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In the course of dealing with various brokers and sellers, you may encounter several different kinds of listing agreements, so let me describe them for you now so you’ll understand how they work. The most common type of agreement between a seller and broker is known as the exclusive right to sell. The seller agrees to list the property with the broker for a specified period and to pay that broker, the “listing broker,” a commission if the house is sold during that period (or within a certain length of time after it expires), no matter who actually makes the sale. That is, the listing broker gets a commission even if the owner ends up selling the home with no broker involvement at all. Most of the homes listed on the Realtors’ Multiple Listing Service are under an exclusive right to sell.
In an exclusive agency — a listing agreement that is not terribly popular with most brokers — the seller again agrees that only the listing broker is entitled to a commission (which will still be split, of course, with any selling broker). But if the owner sells the home on his or her own while the agreement is in effect, he or she does not have to pay the commission.
Even less popular with brokers is the open listing, in which the owner lists the house with an unlimited number of brokers, agreeing to pay a commission only to the broker who actually makes the sale.

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