What does "exclusive right to sell" mean in real estate?

The term "exclusive right to sell" refers to a type of listing agreement in real estate where a single agent is authorized to market and sell a property. This agreement allows the agent to earn a commission regardless of who ultimately sells the property, whether it's the agent themselves, another agent, or even the seller. This setup is designed to provide the agent with an incentive to invest time and resources into marketing the property, as they are guaranteed compensation for their efforts.

In contrast, the other options describe scenarios that do not align with the exclusive right to sell agreement. For instance, requiring seller approval on offers pertains more to a different listing relationship where the seller has more control over the sale process. The concept of multiple agents marketing the property simultaneously reflects an open listing arrangement. Lastly, the duration of the listing agreement does not typically define an exclusive right to sell; it can vary based on the needs and agreements between the seller and the agent. The exclusive right to sell is characterized by the security it provides for the agent's commission, irrespective of how the sale ultimately occurs.