Contracts
Which type of listing agreement offers the broker the LEAST protection?
AExclusive right to sell
BExclusive agency
COpen listing✓ Correct
DNet listing
Explanation
An open listing is a non-exclusive agreement where the seller may list with multiple brokers, and only the broker who produces a ready, willing, and able buyer earns the commission. The seller also retains the right to sell without paying any 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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
Math Concepts
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