Agency
In an open listing, the seller agrees to pay a commission to:
AOnly the listing broker, regardless of who sells
BAny broker who brings the successful buyer✓ Correct
COnly licensed agents from the MLS
DThe seller's attorney at closing
Explanation
An open listing is a non-exclusive listing agreement that allows the seller to list with multiple brokers. The commission is owed only to the broker who procures (brings) the successful buyer.
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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.
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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Math Concepts
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