Which of the following best describes an open listing agreement in Montana?
Correct Answer
B) Multiple brokers may be authorized; only the procuring broker earns a commission
An open listing is a non-exclusive listing agreement in which the seller may authorize multiple brokers simultaneously. Only the broker who procures the buyer — the procuring cause — earns the commission. The seller also retains the right to sell the property themselves without owing any commission.
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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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