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If a broker has an exclusive right of sale listing to sell an owner's property with no other authority granted, what type of agency does the broker have with the principal?

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Final answer:

An exclusive right of sale listing with no other authority granted constitutes an exclusive agency. In this relationship, the broker is the only one authorized to sell the property, while the owner also retains the right to sell independently.

Step-by-step explanation:

If a broker has an exclusive right of sale listing to sell an owner's property, and no other authority is granted, this type of agency is known as an exclusive agency. In an exclusive agency relationship, the broker is given the sole right to sell the property on behalf of the owner. However, the owner retains the right to sell the property independently without obligation to pay the broker a commission. This arrangement is specifically designed to motivate the broker to work diligently to sell the property, knowing that they have a secured opportunity to earn the commission if the property sells through their efforts.

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