Contracts
An Oklahoma open listing agreement allows the seller to:
AList the property with multiple brokers, with commission paid only to the broker who procures the buyer✓ Correct
BGive one broker exclusive right to sell
CList the property without any broker involvement
DPrevent any broker from showing the property
Explanation
An open listing allows the seller to list with multiple brokers simultaneously. Only the broker who actually procures 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.
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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