Under which type of agency agreement does only one broker act on behalf of the principal and is not paid if the owner sells their property?

In an exclusive agency agreement, the property owner retains the right to sell their property independently without an obligation to pay a commission to the broker if they successfully complete the sale. This means that while the broker is the only one authorized to represent the seller in marketing and negotiating offers for the property, the owner can also sell the property on their own. If the owner sells without the broker's involvement, the broker does not receive any payment for their services, which is a defining characteristic of this type of agreement.

In contrast, an exclusive right to sell agreement guarantees that the broker will be compensated regardless of who sells the property, including the owner. An open listing allows multiple brokers to represent the property and only pays a commission to the broker who brings a buyer. Dual agency involves a single broker representing both the buyer and the seller, which does not relate to the terms of payment based on the owner's involvement in the sale.