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When granting exclusive use, the photogher retains ownership of the copyright. The photographer just can't license the photo to anyone else during the term of the use license. It is prety rare to grant exclusive use for longer than a year, or 2 at most.
Here in the US in most cases the photographer owns the copyright to the photos they make.
Copyright is actually a bundle of rights the photographer can license the usage of, piecemeal.
Retail portrait photograpers often give customers, what is technically a use license, that they call a Print Release (or very poor words to use, a copyright release) so the customer can get prints made at a print lab.
Commercial photographers can make a substantial amount of their income from use licensing the images they make. An exclusive use license cost much more than a non-exclusive use license. Usage can be limited geographically, by time, by media type, by size, by number of reproductions, and just about any other limit the photographer can think of..
A use license may grant non-exclusive use, in print media that only has US distribution, at a maximum of 500,000 impressions, for just a single monthly issue of the print publication. If the client wants to print more than 500,000 copies they negotiate a change in the use license terms and cost.
PrintRelease - Use License
All images © 2012 {name or studio here}, AllRights Reserved. This Use License shall be governed by the laws of theState of _________.
I, [name or studio here], as copyright ownerof these images, grant a lifetime, personal, non-commercial use license to ____________________andtheir immediate family to print or have printed (no larger than(whatever size, if any) reproductions of these images fordisplay in their home and workplace only.
Online Use
{name or studio here} has provided web sizedand watermarked images for exclusive use on social networking web sites thatare not owned by ____________________ and their immediate family. No otheronline use is granted. Removal of the watermark from these web sized images, orany other violation of any of the other terms, will constitute a breach of thisentire Print Release Use License, rendering it null and void in its entirety.
Copyright Information
Please remember that because these images areprotected by Federal Copyright laws they may not be altered, copied,transmitted or used in any way not stipulated above without prior writtenconsent of the copyright owner, {name or studio here}.
These images may not be entered in anyphotography or other competition or contest without the expressed writtenconsent of [name or studio here]. Commercial use of the images is prohibited.
No waiver by either party of any of the termsor conditions of this license shall be deemed or construed to be awaiver of such term or condition for the future, or of any subsequent breachthereof. Waivers are only applicable when they are written. There will be noverbal waivers to this agreement.
The Photographer hereby warrants that he (orshe) is the sole creator of these images and owns all rights granted by law.
[Name or studio here]
Address
City, State
Phone:
Email:
Authorized Signature: