Question

There are a number of different types of listing contracts that can be used when marketing a property. What type of listings requires the broker to be paid a commission if any other broker, or even the owner, sells the property during the contract period?

Answer 1

Answer: Exclusive right of sale listing

Explanation:

Exclusive right of sale listing is known to be a mutual agreement between a broker and the owner of a property. In this type of contract, the listing broker act as an agent of the property and has the right to sell the property within the stipulated time period agreed upon with the seller. This is done in order for the property to be sold on time and at a good price. Thus, if the property is sold by another agent or the owner of the property, the listing broker will still be paid his commission.