In Vermont, an open listing differs from an exclusive listing because:
Correct Answer
B) The seller may list with multiple brokers and only the procuring broker earns a commission
An open listing allows the seller to engage multiple brokers simultaneously. Only the broker who actually procures the buyer earns a commission. If the seller finds the buyer independently, no commission is owed.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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