Final answer:
An exclusive agency agreement in real estate means only one broker lists the property and is owed a commission regardless of who finds a buyer or tenant.
Step-by-step explanation:
An exclusive agency agreement in real estate refers to an agreement between a property owner and a real estate broker, where only the designated listing broker has the right to market and list the property for sale or lease. In this type of agreement, regardless of who finds a buyer or tenant for the property, the listing broker is owed a commission.
For example, if the listing broker finds a buyer, they would be owed a commission. However, if another broker or agent brings a buyer or if the owner finds a buyer themselves, the listing broker is still owed a commission.
Therefore, the statement that 'With an exclusive agency agreement, only one broker lists the property and regardless of who finds a buyer/tenant, the listing agent is owed a commission' is TRUE.