Contracts
What is the difference between an 'exclusive right to sell' listing and an 'exclusive agency' listing in Delaware?
ABoth are identical — the terms are interchangeable in Delaware
BIn an exclusive right to sell, the broker earns commission regardless of who sells the property; in an exclusive agency, the owner may sell themselves without paying the broker✓ Correct
CAn exclusive agency listing gives the broker the right to sue the seller for breach if the seller sells on their own
DAn exclusive right to sell listing cannot be terminated before expiration; exclusive agency listings can be terminated at will
Explanation
Exclusive right to sell: the broker earns commission regardless of who procures the buyer — even if the owner finds the buyer themselves. Exclusive agency: the broker earns commission only if they (or a cooperating broker) procures the buyer — the owner retains the right to sell without owing commission.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Math Concepts
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