What are the two types of listing agreements commonly used in Kentucky?

In Kentucky, the two types of listing agreements most commonly used are the exclusive right to sell and exclusive agency. The exclusive right to sell agreement grants the listing agent the sole right to market the property, ensuring that they receive a commission regardless of who ultimately sells the property. This type of agreement offers strong incentives for the agent to actively promote the listing because their commission is guaranteed.

The exclusive agency listing, on the other hand, allows the property owner to sell the property themselves without paying a commission to the agent if the owner finds a buyer. However, if the agent secures a buyer, they are entitled to the agreed-upon commission. This type of agreement provides a balance between the rights of the seller and the responsibilities of the agent.

The other options present different types of listing agreements or combinations that do not align with the most common practices in Kentucky. Understanding the nuances of these agreements is crucial for real estate practices, ensuring that both sellers and agents benefit from a clear understanding of their rights and obligations.