In West Virginia, an open listing allows:
Correct Answer
B) Multiple brokers to market the property, with only the procuring broker earning a commission
An open listing is a non-exclusive agreement where the seller may list with multiple brokers. Only the broker who procures the buyer earns the commission. If the seller finds the buyer independently, no commission is owed to any broker.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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In West Virginia, a WV licensee fails to disclose on the Commission agency relationship form whether the licensee represents the seller, buyer, or both. Which statement is correct?
In Vermont, a licensee owes fiduciary duties to a client. Which statement is correct?
- → A Vermont licensee is asked about a designated agency firm appoints separate agents for buyer and seller. What is the best answer?
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