Practice | Unit 5

Question 1

Exclusive Right-to-Sell Listing

Answer 1

One broker is appointed as the seller’s sole agent

When the property sells, the broker is entitled to commission, no matter who sells the property

Question 2

Exclusive Agency Listing

Answer 2

One broker acts as the sole agent of the seller BUT allows the seller to sell the property without obligation of payment to the broker

Question 3

Open Listing

Answer 3

Seller can contract any number of brokers and is obligated to compensate only the broker who produces the buyer

Question 4

Net Listing

Answer 4

Seller will receive a net amount of money from a sale, with the excess going to the listing broker as commission