Agency
In Missouri, an 'open listing' allows a seller to:
AOnly work with one brokerage at a time
BList with multiple brokers, paying commission only to the broker who produces the buyer✓ Correct
CSell without any commission
DList on MLS without a broker
Explanation
An open listing in Missouri allows the seller to simultaneously list with multiple brokers. Only the broker who procures the ready, willing, and able buyer earns the 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.
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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