Real Estate Principles Practice Exam

An "open listing" is indeed a non-exclusive agreement allowing multiple agents to market and sell a property. This type of listing can be employed by property owners who want to maximize exposure by allowing any number of real estate agents to represent the property.

The owner retains the right to sell the property independently as well, which means if the owner succeeds in finding a buyer, they do not owe a commission to any agent. This flexibility often attracts sellers who are motivated to sell quickly and want to engage multiple agents to increase their chances of finding a buyer.

This contrasts with exclusive listings, where only one agent is appointed to represent the property. In an open listing scenario, agents work on a commission basis, and only the agent who successfully facilitates the sale will receive compensation. It is a more casual agreement and can lead to competitive conditions among agents to secure a sale.