A net listing sets a minimum amount the seller must receive, with any excess becoming the broker's fee — Texas discourages this arrangement because it creates a direct conflict between the broker's interest and the seller's, and it isn't banned outright but carries real risk and disclosure duties. It isn't simply a fixed-percentage listing, isn't tied to commercial property, and doesn't involve automatic renewal.

Under an exclusive right to sell, the listing broker earns a fee no matter who procures the buyer, including the seller — under exclusive agency, the seller keeps the right to sell without owing a fee if they find the buyer themselves. The two types are meaningfully different, exclusive agency listings are legal in Texas, and exclusive right to sell listings do have a term date like any listing agreement.

A client has an agency relationship with a license holder and is owed fiduciary duties (loyalty, confidentiality, and the rest); a customer isn't represented but is still owed basic honesty and fair dealing. Who pays commission doesn't define the relationship, and the buyer/seller and pre-contract distinctions aren't what separates the two terms.

An intermediary is a broker who, with the written consent of both parties, represents both the buyer and the seller in the same transaction while remaining neutral on material issues like price. That's distinct from an inspector, an attorney, or a lender's representative, none of whom are acting as a broker representing both principals.