An exclusive agency listing is a contract or agreement between a real estate broker and a seller(s) of a real estate property giving the broker the right to offer the property for sale, and entitles them to a commission if the property is sold by another real estate agent or broker. The seller still reserves the right to sell the property herself and not pay a commission.

Many real estate agents and brokers are not too interested in accepting this type of listing contract as it does not guarantee them payment if the property is sold without their involvement. Broker would rather have the seller enter an exclusive right of sale listing agreement which guarantees them a commission whether the buyer was procured by another broker, or the seller.

The contract is often referred to as a listing agreement and, if the broker is a member of the National Association of Realtors, he/she has an obligation that includes all of the following stipulations:

1. A beginning date and an expiration date.
2. The listing price at which the property will be presented for sale.
3. The amount of compensation offered to the broker, whether it is in the form of a flat fee or a percentage of the sales price.
4. The terms and conditions under which the brokerage fee shall be paid by the seller.
5. Authorizes the broker to co-operate with other brokers as sub-agents or buyer's agents and details the compensation to be offered to those brokers in the event they obtain a buyer.
6. Authorizes the broker to disclose or not to disclose the existence of offers formerly received.

Additionally, other terms which may appear in the contract can include:

1. Authorization to the broker to post a sign, to advertise the property, and to put a lockbox on the door, as well seller's obligations to advise the broker on the condition of the property, and broker's obligations to advise the seller about rules and laws which may affect the sale.
2. The type of relationship between the real estate agent/broker and the seller; ie: single agent, non-representative, transaction broker.

Upon listing the property, the real estate agency tries to obtain a buyer for the property and, in consideration of successfully finding a satisfactory buyer, the broker anticipates being paid a commission for the services the brokerage provided.