As you prepare for your real estate license exam, understand that listing agreements establish the relationship between the real estate agent and the property seller. Remember that similar agreements are used where buyer agency is practiced.

  • Exclusive right to sell listing: In this agreement, the agent gets paid no matter who sells the property, regardless of whether it's the agent or the seller.

  • Exclusive agency listing: Agents get paid in this type of agreement only if they sell the property. No fee is earned if the owner alone sells the property.

  • Open listing: In this type of agreement, sellers have the right to use as many brokers as they want. The seller is not, however, obligated to pay any of them if he or she sells the property without the broker's help.

  • Net listing: This type of agreement may be illegal in your state. The agent gets to keep everything he can get that's more than the sale price the owner wants.