Which of the following best describes an open listing agreement?
Correct Answer
B) Multiple brokers may be authorized, and only the broker who procures the buyer earns the commission
An open listing is a non-exclusive listing agreement in which the seller may authorize multiple brokers simultaneously. Only the broker who is the procuring cause of the sale earns the commission. If the seller sells the property themselves, no commission is owed to any broker.
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Related Topics & Key Terms
Related Topics:
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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