Final answer:
An exclusive agency listing agreement is a type of listing agreement where the owner promises to pay a commission under all circumstances of sale, except if they sell the property themselves.
Step-by-step explanation:
A listing agreement in which the owner promises to pay a commission under all circumstances of sale, except if he or she sells the property himself, is known as an exclusive agency listing agreement.
In an exclusive agency listing agreement, the owner works with one real estate agent who is exclusively authorized to represent them in the sale of their property. If the owner finds a buyer and sells the property without the help of the agent, they do not have to pay a commission. However, if the agent brings in a buyer or helps facilitate the sale, the owner is obligated to pay the agreed-upon commission.
This type of listing agreement provides some flexibility for the owner to sell the property independently while still benefiting from the agent's services if needed.