A listing under which the real estate broker has the right to sell a property, but also the owner may sell the property without the assistance of the agent, and not be liable to pay a commission.
A listing under which the real estate broker has an exclusive listing as opposed to other agents, but the owner may sell the property without using an agent, and not be liable to pay a commission. Also called an agency agreement.
When a real estate broker has an exclusive listing, but the owner can sell his property without an agent and not be liable to pay a commission. This is also called an agency agreement.