Be careful when listing home for sale

'Exclusive' agreements affect how property is marketed, whether commission is paid

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

DEAR BOB: What is involved when you give a real estate listing agent an "exclusive"? Will the property go on the MLS (multiple listing service)? Can another realty agency show your house and bring a purchase offer? --Craig A. DEAR CRAIG: There are two types of "exclusive listings." One is called an "exclusive agency listing." That means if the home seller finds a buyer without any agent's help, a sales commission need not be paid to the listing agent. Purchase Bob Bruss reports online. However, if the listing agent or a buyer's agent locates an acceptable purchaser, then the seller owes a sales commission. Because an exclusive agency listing agent lacks full control over the property sale, most agents refuse to accept this type of listing. The other type is the "exclusive right to sell listing." That means the listing agent earns the sales commission regardless of whether the seller, the listing agent, a buyer's agent or someone else produces a buyer. Then the seller owe...