Open listing: Which statement is true?

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Multiple Choice

Open listing: Which statement is true?

Open listings are non-exclusive agreements, meaning the seller can hire multiple agents to market the property. Because there’s no single exclusive broker, several brokers can be out there trying to find a buyer at the same time. The commission goes to the broker who actually produces a ready, willing and able purchaser who closes, which fits the idea of multiple agents all seeking a buyer. The other statements are not reliable in this open-listing context: the idea of paying the “effective cause” of the sale is complicated when more than one broker is involved; the seller selling on their own may or may not trigger a commission depending on whether a broker procured a buyer; and promising to use best efforts is a broad requirement not unique to open listings.

Open listings are non-exclusive agreements, meaning the seller can hire multiple agents to market the property. Because there’s no single exclusive broker, several brokers can be out there trying to find a buyer at the same time. The commission goes to the broker who actually produces a ready, willing and able purchaser who closes, which fits the idea of multiple agents all seeking a buyer. The other statements are not reliable in this open-listing context: the idea of paying the “effective cause” of the sale is complicated when more than one broker is involved; the seller selling on their own may or may not trigger a commission depending on whether a broker procured a buyer; and promising to use best efforts is a broad requirement not unique to open listings.

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