Contracts
Under a North Dakota open listing, how many brokers may the seller authorize simultaneously?
AOnly one
BUp to three
CAny number✓ Correct
DOnly two
Explanation
With an open listing, the seller may authorize any number of brokers simultaneously. Only the broker who actually procures the buyer earns a commission, and the seller may also sell the property themselves without owing 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.
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
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