Contracts
Which type of listing gives the broker the LEAST protection?
AExclusive right to sell
BExclusive agency
COpen listing✓ Correct
DNet listing
Explanation
An open listing gives the broker the least protection because it is non-exclusive: the seller can list with multiple brokers simultaneously, and the broker earns a commission only if they personally procure the buyer.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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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