Which of the following best describes an exclusive agency listing?

• A. Bilateral contract where the owner pays a commission only if the broker finds a buyer.
• B. A bilateral contract in which the owner employs only one broker but retains the right to personally sell the property, thereby not paying a commission.
• C. A unilateral contract that pays a broker even if the owner sells the property themselves.
• D. A contract that guarantees the broker a commission regardless of who sells.

Answer: (B)

An exclusive agency listing is a seller–broker arrangement in which one broker is engaged to market the property, but the owner keeps the right to sell it themselves without owing a commission. The broker earns a commission only if they actually procure a sale; if the seller finds a buyer on their own, no commission is due. This matches the description because it involves a single broker and the owner’s right to sell personally without paying the broker, whereas an exclusive right to sell would guarantee the broker a commission regardless of who sells, and an open listing would involve multiple brokers without such exclusivity.