Buyer representation agreement An agency agreement between a licensee (on behalf of the

licensee's broker) and a buyer

Client Buyer or seller who has entered into a written agency agreement with the brokerage firm

Dual agency Representing two clients in a single transaction—illegal in some states

Exclusive agency Listing agreement in which the seller reserves the right to locate the buyer
and avoid owing commission

Exclusive right-to-buy agreement Agency agreement in which the buyer may have to pay an
agent commission, but which guarantees that the agent will best represent the buyer's interests

Exclusive listing agreement Agency agreement in which one agent lists the property, but the
seller retains right to sell for himself; if the broker sells, the seller owes a commission, but if the
seller finds a buyer, he owes no commission to the listing agent

Exclusive right-to-sell agreement Agency agreement in which the listing agent lists the
property and receives a commission no matter who brings in the buyer

Net listing A listing agreement in which the broker agrees to sell the property to achieve a
specified net price to the owner, and anything received above the net price is the broker's
commission—prohibited in many states

Open listing A unilateral agreement in which the seller may contract with many real estate
agents to locate a buyer. Only the agent who brings the buyer to the sale receives a commission.