Agency
An 'open listing' in New Mexico allows the seller to:
AWork with only one broker
BList with multiple brokers, paying commission only to the broker who procures the buyer✓ Correct
CList without a written agreement
DSet the commission rate below 3%
Explanation
An open listing is non-exclusive—the seller may list with multiple brokers simultaneously. Only the broker who finds the 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.
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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