In an exclusive agency listing, what does the owner retain the right to do?

In an exclusive agency listing, the key feature is that the owner retains the ability to sell the property independently without incurring a commission fee to the broker. In this type of listing agreement, the broker has the exclusive right to market the property and bring potential buyers, but if the owner finds a buyer on their own, they do not have to pay a commission to the broker. This arrangement contrasts with an exclusive right-to-sell listing, where the broker would earn a commission regardless of who sells the property.

As for the other options, while the owner may have the flexibility to change the listing price, they cannot list with multiple brokers, as this would defeat the exclusivity of the agreement. Additionally, since the owner retains the right to sell without paying commission, the option implying that they would receive commission from any agent is also not applicable within the framework of an exclusive agency listing. Thus, the correct understanding is that the owner can sell the property without paying a commission, aligning well with the nature of this specific listing agreement.