PSI Oklahoma Real Estate Practice Test

What type of listing allows a seller to employ multiple brokers, but only pays commission to the broker who produces a buyer?

1. Exclusive Agency Listing

2. Open Listing

3. Net Listing

4. Exclusive Right to Sell Listing

The correct answer is: Open Listing

An open listing is a type of listing agreement that allows a seller to work with multiple real estate brokers at the same time. In this arrangement, the seller can sell the property independently or through any of the brokers they have engaged. The key feature of an open listing is that the seller is obligated to pay a commission only to the broker who successfully brings a buyer to the transaction. This means if the seller finds a buyer on their own, they do not owe a commission to any of the brokers. This flexibility often appeals to sellers who want to maintain control over their property marketing while still allowing for professional assistance. In contrast, exclusive agency listings typically grant one broker the right to sell the property, but the seller can still sell independently without paying a commission. Net listings focus on the seller receiving a predetermined amount from the sale, with the broker keeping any amount over that as their commission, which can complicate compensation. Exclusive right to sell listings give one broker the sole right to sell the property and earn a commission, regardless of who finds the buyer.