Brokerage
Listing agreement
The employment contract between a seller and a brokerage
It creates the agency relationship, sets the term, states the compensation and defines what the brokerage will do. Compensation is always negotiable between the firm and its client — never set by agreement among competing firms.
How the exam asks about it
Know all four types by what they do to the commission: exclusive right-to-sell, exclusive agency, open, and net.
Related terms
Sitting the license exam? Find out what you actually know.
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