Agency & Ethics
A contract between a property owner and a real estate broker authorizing the broker to find a buyer.
A listing agreement is an employment contract between a seller and a broker. There are three main types: exclusive right to sell (broker earns commission regardless of who finds the buyer), exclusive agency (seller retains the right to sell without paying commission), and open listing (multiple brokers may be used; only the procuring cause earns commission). In New York, listing agreements must be in writing and must include an expiration date.
Exam Tip
Exclusive right to sell = most protection for the broker. Open listing = least protection. Know which type was used based on who gets paid.
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Agency & Ethics
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NY Real Estate Agency & Ethics
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