New York State Real Estate Salesperson Licensing Exam

In real estate terms, what is an "exclusive listing"?

1. A listing for multiple brokers

2. A listing for a single broker

3. A listing without a contract

4. A public listing

The correct answer is: A listing for a single broker

An exclusive listing refers to a real estate agreement where a seller grants one specific broker the exclusive right to represent them in the sale of their property. This means that even if the seller finds a buyer on their own, they are still obligated to pay the commission to the broker who holds the exclusive listing. This type of listing is beneficial for the broker, as it solidifies their role in the transaction and often incentivizes them to invest greater effort into marketing the property since they have assurances of compensation for their work. In contrast to an exclusive listing, a listing for multiple brokers would allow various brokers to represent the property, which can lead to less focused marketing efforts. The other options, such as a listing without a contract or a public listing, do not accurately describe the terms and conditions that define an exclusive listing within the real estate context. Thus, the defining characteristic of an exclusive listing is the singular choice of a broker by the seller, ensuring exclusive representation.