PSI Virginia Real Estate Practice Exam

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What is an Open Listing?

An exclusive agreement with one broker
An agreement with many brokers while retaining the right to sell the property
A listing that guarantees a commission to the agent
A type of partnership between brokers and buyers

The correct answer is: An agreement with many brokers while retaining the right to sell the property

An Open Listing is characterized as an agreement where a property owner authorizes multiple brokers to market their property while retaining the right to sell the property independently. This type of listing is non-exclusive, meaning that any broker who brings a buyer to the table can earn a commission, but so can the property owner if they sell the property without broker assistance. This structure allows the seller more flexibility and can lead to increased exposure through various real estate agents. In this context, the other options describe different types of listings or agreements. An exclusive agreement with one broker would relate to an Exclusive Right to Sell or Exclusive Agency listing, which does not allow the property owner to sell the property without the broker's involvement. A listing that guarantees a commission to the agent typically relates to listings where the broker has a defined contract, as seen in exclusive agreements. The last option refers to partnerships, which are not a form of listing but rather a business arrangement.