Exclusive right to sale: a contractual agreement under which the stockbroker acts as an agent or as a legally recognized non-agency representative of the seller (s) and the seller (s) agrees (s) to pay a commission to the listing broker, whether the property is sold by the efforts of the stockbroker, seller or another person; and a contractual agreement under which the stockbroker acts as an intermediary or as a non-agent representative of the legally recognized seller (s), and the seller (s) engages, to pay a commission to the broker, whether the property is sold by the efforts of the broker, seller or anyone else, except that the seller may designate one or more individuals or legal entities as exceptions in the listing agreement and that if the property is sold to an exempt individual or corporation, the seller is not required to pay a commission to the stock exchange. (Modified 5/06) The owner pays both the list and the sales brokerage fees. Owners cannot sell the property themselves without paying a commission, unless there is an exception If the broker agrees to have you terminated at any time, the determination of the duration of the contract is irrelevant. However, they should be aware of hold-over agreements or other post-contract responses. As a general rule, the listing contract also includes a list price for the property and an expiry date until the contract expires. However, if the property is sold at a lower or higher price, the seller pays a commission of a proportionally lower or higher amount. If the seller does not accept a price below the list price, the broker will have to wait for a satisfactory sale to win the commission. The most common list agreements are open serenade, an exclusive agency list, and an exclusive rig An exclusive agency list is similar to an open list, except the main difference is the broker is represented by the owners. Owners retain the right to sell the property themselves and no death, bankruptcy or insanity can and will not terminate a listing contract. The only great advantage for an open list is that the owner probably pays only one sales brokerage commission, which represents about half of the typical fee.
This is due to the fact that the owner is not represented, so no need for a clear list is technically not a type of list agreement at all.