PSI Oklahoma Real Estate Practice Test

Which of the following best describes an Open Listing?

1. A seller can work with one broker exclusively

2. Only one broker can list the property

3. The seller can employ multiple brokers

4. All brokers must share commissions equally

The correct answer is: The seller can employ multiple brokers

An open listing is characterized by the seller's ability to work with multiple brokers simultaneously. This arrangement allows the seller to maintain flexibility in marketing their property, as they can reach a broader audience through several agents. In this setup, any broker who successfully brings a buyer can earn a commission, but the seller is not obligated to pay commission to brokers if they sell the property themselves. This stands in contrast to exclusive listings, where the seller grants one broker the sole right to sell the property, which can lead to enhanced commitment from that broker but limits the seller's options. Conversely, in some structured arrangements like a multiple listing service (MLS), commissions are typically agreed upon and shared based on pre-established agreements, which does not apply in the context of an open listing. Hence, the definition of an open listing aligns perfectly with the option that states the seller can employ multiple brokers.