Contracts
Under Wisconsin law, an 'open listing' allows the seller to:
AList with only one broker at a time
BList with multiple brokers simultaneously and pay commission only to the one who procures the buyer, with no commission due if the seller self-sells✓ Correct
CSell at any price without the broker's approval
DCancel the listing at any time without notice
Explanation
An open listing is non-exclusive; the seller may list with multiple brokers and pays commission only to the one who brings the eventual buyer, or no commission if the seller finds the buyer themselves.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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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