Contracts
An open listing agreement gives the seller the right to:
AList with multiple brokers simultaneously, paying commission only to the broker who procures the buyer
BWithdraw the listing at any time without penalty
CSell the property themselves without paying any commission
DBoth A and C✓ Correct
Explanation
An open listing allows the seller to list with multiple brokers simultaneously. The seller pays a commission only to the broker who procures the buyer and pays no commission if the seller finds a buyer independently.
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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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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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