In an exclusive listing agreement, what distinguishes it from an open listing arrangement?
Correct Answer
B) Only one brokerage has the right to represent the seller during the listing period
An exclusive listing grants one brokerage the sole right to market and sell the property during the listing period, meaning the seller cannot engage other brokerages simultaneously. In contrast, an open listing allows the seller to work with multiple brokerages, with commission paid only to the brokerage that successfully sells the property.
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Previous Question
In an exclusive listing agreement, the seller agrees to pay a 5% commission. During the listing period, the seller finds a buyer independently and completes the sale without any involvement from the listing agent. What is the agent's entitlement to commission?
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In an exclusive listing agreement, what obligation does the seller have if they find a buyer themselves during the listing period?