Final answer:
An Exclusive Right to Sell Listing Agreement, known as a Sole Listing Agreement, is a contract in real estate where only one brokerage has the rights to sell the property and earns a commission regardless of who finds the buyer.
Step-by-step explanation:
An Exclusive Right to Sell Listing Agreement is commonly known as a Sole Listing Agreement in real estate transactions. This contract between a seller and a real estate brokerage gives the brokerage the exclusive rights to market and sell the property. In return, the seller agrees that the listed real estate agent will receive a commission irrespective of who finds the buyer, even if the seller finds the buyer without the agent's help.
The agreement details several crucial points, including the listing price, the duration of the agreement, the obligations of both the real estate agent and the seller, and any commission to be paid upon sale. Unlike an Open Listing Agreement, which allows a seller to list the property with multiple agents and only pay a commission to the agent who brings a buyer, the Exclusive Right to Sell Listing Agreement binds the seller to a single agent and commission is due even if the seller finds the buyer personally.