National Real Estate Practice Exam

What characterizes an Open Listing in real estate?

1. Only one broker can sell the property

2. Any number of brokers may be retained

3. The owner must actively show the property

4. It requires a contract with a specific broker

The correct answer is: Any number of brokers may be retained

An Open Listing in real estate is characterized by allowing the property owner to retain any number of brokers to market and sell the property. This means that multiple agents can show the property and compete to find a buyer, without the exclusivity that is typically seen in other types of listings, such as exclusive right-to-sell agreements. The property owner remains in control and can sell the property on their own without owing a commission to any broker, provided they do not involve them in the sale. This type of listing often attracts a wider range of potential buyers, as different brokers may have various marketing strategies and resources. In contrast, the nature of Open Listings means that it does not require a contract with a specific broker, and there is no obligation for the property owner to give any one broker exclusive selling rights. This flexibility is appealing to some sellers, especially those wanting to maintain control over the selling process while potentially engaging multiple agents to maximize exposure.