A written listing of real property in which the seller agrees to appoint only one broker to sell the property for a specified period of time.
The two types of exclusive listings are the exclusive agency and the exclusive right to sell.
Exclusive Agency – If the seller (the principal) brings the buyer, the listing broker is not entitled to a commission.
Exclusive Right to Sell – The listing broker is entitled to a commission, even if the seller (the principal) brings the buyer.
Generally, exclusive listings must stipulate a definite termination date and may not include a rollover clause. A listing for an indefinite period is frowned on by the courts, is illegal in many states, and is generally poor practice. This is to protect sellers who, unaware that the listing is still in effect after the end of the initial listing period because they failed to give a cancellation notice, may list the property with another broker and thus find themselves liable for the payment of two full commissions.