Under Ohio law, which type of listing agreement provides the listing broker with a commission only if the broker is the procuring cause of the sale?
Correct Answer
A) Open listing
Under an open listing, the broker earns a commission only if they are the procuring cause of the sale. The seller may list with multiple brokers simultaneously, and only the broker who procures the buyer earns the commission.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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.
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