Which of the following BEST describes an open listing agreement?
Correct Answer
B) Multiple brokers may be hired and the one who procures the buyer earns the commission
An open listing is a non-exclusive listing agreement in which a seller may hire multiple brokers simultaneously. Only the broker who procures the ready, willing, and able buyer earns the commission. If the seller finds the buyer themselves, no commission is owed to any broker.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
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