What is the term for a written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time?

The term for a written contract that grants a licensed real estate agent the exclusive right to sell a property for a specified time is known as an exclusive listing. This type of agreement provides the agent with the sole right to market and sell the property, ensuring they are the only one working to facilitate the transaction during the term of the listing.

Having an exclusive listing is advantageous for both the property owner and the agent. The agent is incentivized to invest more time and resources into marketing the property, knowing that if it sells, they are guaranteed the commission. For the property owner, this arrangement typically results in more dedicated service and strategic marketing to achieve a successful sale.

Other types of listings, such as open listings or net listings, offer different levels of exclusivity or compensation structures. An open listing allows multiple agents to represent the property, meaning the owner may have less focused marketing efforts. A net listing sets a price that the seller wishes to receive, with any additional proceeds going to the agent as commission, but this can lead to potential conflicts of interest. Lastly, a flat-fee listing involves paying a fixed amount to the agent regardless of the sale price, which may not align with the traditional commission-based motivations of an exclusive listing.