Contracts
In Arizona, an open listing allows the seller to:
AList the property with only one broker at a time
BList the property with multiple brokers simultaneously, paying a commission only to the broker who procures the buyer✓ Correct
CCancel the listing at any time for any reason without notice
DSell the property on their own only
Explanation
An open listing allows the seller to list with multiple brokers. Only the broker who procures the ready, willing, and able buyer earns the commission.
People Also Study
Related Arizona Questions
- An Arizona listing agreement gives a broker the right to sell a property, but the seller retains the right to sell it themselves without owing a commission. This is called a(n):Contracts
- An Arizona property sold for $350,000. The total commission rate is 6%. The listing broker and buyer's broker split the commission 50/50. How much does each broker receive?Real Estate Math
- An Arizona broker receives a net listing from a seller, which means the broker keeps everything above a set amount as commission. This practice is:Arizona License Law
- An exclusive right-to-sell listing agreement in Arizona entitles the listing broker to a commission if:Contracts
- An Arizona agent earns a 3% commission on a $550,000 commercial sale. The agent's broker takes a 30% desk fee off the top before splitting 60/40 with the agent. How much does the agent receive?Real Estate Math
- An Arizona agent learns their buyer client is willing to pay up to $50,000 more than the list price. The agent must:Agency
- An exclusive right-to-sell listing in Arizona entitles the listing broker to a commission if:Agency
- A 6% commission is split 50/50 between the listing and selling brokers. The selling broker splits 70% with their salesperson. If the sale price is $460,000, how much does the selling salesperson receive?Real Estate Math
Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
Study This Topic
Practice More Arizona Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Arizona Quiz →