Which of the following best describes how commission is earned under an open listing agreement?
Correct Answer
B) Multiple brokers may be hired, and only the broker who procures the buyer earns a commission.
An open listing is a non-exclusive listing agreement in which a seller may hire multiple brokers simultaneously. Only the broker who is the procuring cause of the sale earns a 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
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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