Which of the following are the three recognized types of real estate agency contracts?

• A. Exclusive listing.
• B. Multiple listing.
• C. Open listing.
• D. All of the above.

Answer: (D)

Listing contracts in real estate practice revolve around how a broker is engaged to sell a property and how compensation is determined. The three recognized forms you’ll commonly see are the exclusive listing, the multiple listing arrangement (through the MLS), and the open listing. An exclusive listing gives the broker exclusive rights to market the property, typically with a guaranteed commission if the property sells during the term. The multiple listing (MLS) setup expands exposure by making the property available to a wide network of brokers, which is often integrated with whichever contract form the seller chooses. An open listing allows several brokers to attempt to sell the property, and typically only the broker who actually procures the buyer earns a commission, if anyone does.

Because each of these represents a distinct way a seller can engage a broker and structure incentives and exposure, all of them are considered recognized forms in practice. The key differences lie in exclusivity and who pays the commission, but the presence of all three in practice makes “All of the above” the correct choice.