Are there different kinds of listing contracts?
A. Yes. There are a few different kinds, such as: Open Listing: Where an owner gives one or more industry members the authority to find a buyer for the property, while the seller reserves the right to try to sell it. These are more common with commercial properties. These agreements may be written or oral. The terms usually allow the industry members to bring buyers to view the property and require the owner to pay commission if the industry member is successful in selling the property to that buyer. This type of listing cannot appear on a multiple listing system. A variation of the open listing is a “fee agreement”. This is most often used between a real estate industry member and a “by owner” seller where the industry member has a specific buyer in mind for the property. Exclusive Listing: This form of listing gives one brokerage the authority to act on the seller’s behalf. “Exclusive” does not mean the brokerage can unilaterally keep the listing to itself and prevent other brokerage
