An agreement that represents the right of a real estate agent or BROKER to handle the sale of real property and to receive a fee or commission for services.
There are various types of real estate listings. A general or open listing is a right to sell that may be given to more than one agent or broker simultaneously. An exclusive agency listing is the right of one real estate agency to be the sole party, with the exception of the owner, who is permitted to sell the property during a particular period. Through an exclusive authorization to sell listing, one agency is given the sole authority to sell the property during a certain time period. The agency will receive a commission even if the owner finds the buyer during the time period.
A multiple listing takes place when an agent with an exclusive listing provides a number of members of a real estate association with information about the property and shares the commission with the agent who is able to find a buyer.
A net listing is an arrangement whereby the seller establishes a minimum price that will be taken for the property, and the agent's commission is the amount for which it sells above such minimum.