What is a listing agreement and what types exist?

A listing agreement is a written contract between a property owner and a brokerage authorizing the broker to market and sell the property. Three types exist: exclusive right to sell, where the broker earns a commission regardless of who finds the buyer, including the owner; exclusive agency, where the broker earns a commission unless the owner finds the buyer independently; and open listing, where the owner can engage multiple brokers and only the one who produces the buyer earns a commission.