PSI Oklahoma Real Estate Practice Test

If a property is listed with a realtor, can the owner still sell it privately?

1. No, not under any circumstance.

2. Only if they provide notice to the realtor.

3. Yes, but they may need to pay a commission anyway.

4. Yes, the realtor's agreement allows for it.

The correct answer is: Only if they provide notice to the realtor.

When a property is listed with a realtor, the owner still has the right to sell it privately, but it's important to follow the terms outlined in the listing agreement. Typically, these agreements have clauses that require the owner to notify the realtor if they decide to sell the property themselves. Providing notice to the realtor ensures that the realtor is aware of the owner’s actions and can address any potential commission issues that may arise from a private sale. The specifics of what the owner can or cannot do while the property is under an exclusive listing can vary based on the terms of the contract. Many agreements allow for private sales under certain conditions, which usually include notifying the realtor. Failure to do so could result in complications, such as the realtor claiming any due commission on sales resulting from their efforts, even if the owner sold privately. This differentiation in the options highlights the importance of understanding the contractual obligations outlined in the listing agreement between the property owner and the realtor.