The Exclusive Right of Sale listing agreement is the most commonly utilized contract, which gives the broker the exclusive right to earn a commission by representing the owner and bringing a buyer, either through another brokerage or directly. The owner pays both the listing and selling broker (buyer's agent) fees.

Unlike with the Exclusive agency listing the owner cannot sell the property without paying a real estate commission, unless an exception is noted in the contract. This type of listing runs for a specific period of time, usually six months to a year. The agreement may only be cancelled by the listing broker during that period.

The broker may share the listing with other brokers on the Multiple Listing Service (MLS) to get the widest possible exposure for your home. If you request that the property not be listed on a multiple basis, only the broker named in the contract and his or her sales agents can market and show it.

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.