Definition of exclusive listing

written listing agreement giving an agent the right to sell a specific property for a period of time with a definite termination date, frequently three months. There are two types of exclusive listings. With the exclusive agency, the owner reserves the right to sell the property himself without owing a commission; the exclusive agent is entitled to a commission if he or she personally sells the property, or if it is sold by anyone other than the seller. Under the exclusive right to sell, a broker is appointed as exclusive agent, entitled to a commission if the property is sold by the owner, the broker, or anyone else. "Right to sell" means the right to find a buyer. Sellers opt for exclusive listings because they think an agent will give their property more attention. An agent with an exclusive listing will not have to share the commission with any other agent as they would under a multiple-listing arrangement. If the property is not sold within the specified time, the seller may expand the selling group throgh an open, multiple listing.