Question

Under the terms of their listing contract, the owners may sell their house themselves and pay no commission. If their agent sells it, a commission will be due. What kind of listing contract do the owners have?

Answer 1

An exclusive agency listing is a type of contract that allows homeowners to sell their property on their own without paying a commission, while still being represented by an agent who earns a commission if they find a buyer.

Step-by-step explanation:

The type of listing contract where the owners may sell their house themselves without paying a commission, but will owe a commission if their agent sells it, is known as an exclusive agency listing. This contract allows the seller the opportunity to sell the property on their own and is a popular choice for homeowners who want to save on commission fees while still benefiting from the services of a real estate agent. If the agent procures a buyer, the homeowner is required to pay the agreed-upon commission to the agent.