Exclusive Agency

    A generic term for a representation or listing agreement between landlord and a broker, providing that such broker is the only broker hired to list the property for sale or lease, and if a buyer or tenant is procured by the exclusive agent or any other broker, the landlord is obligated to pay its exclusive agent a commission. In many states, an exclusive agency allows the landlord to procure a tenant without the assistance of the broker, without liability for commission.