Agency
What is an 'open listing' in Illinois real estate?
AA listing that has been on the market for more than 90 days without selling
BA non-exclusive listing authorizing multiple brokers to sell the property; only the broker who produces the buyer earns a commission✓ Correct
CA listing where the price is publicly disclosed and open to all offers
DA listing accessible to all brokers through the MLS without an exclusive agreement
Explanation
An open listing is a non-exclusive listing agreement that a seller can give to multiple brokers simultaneously. Only the broker who actually procures a ready, willing, and able buyer earns a commission.
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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.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Math Concepts
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