An agreement with a real estate broker that deters the seller from using the services of another broker. If another broker brings about the sale, then the broker with the exclusive agency may also seek a commission. However, if the seller sells the property himself, he will not be liable for a commission.
- Example : Mario, a licensed NYS real estate broker, entered into an exclusive agency agreement for 6 months to sell Anna’s house. Two months later, Anna’s best friend, a licensed NYS real estate broker, presented a buyer to Anna. Mario will still be entitled to a partial commission from the sale of Anna’s home.