Word of The Day – The Language of Real Estate – Open Listing

Before MLS and Exclusive Listings, the model for the real estate business was Open Listings.

Open Listing

A non-exclusive listing given to many brokers.

A listing given to any number of brokers who can work simultaneously to sell the owner’s property.

The first broker to secure a buyer who is ready, willing, and able to purchase at the terms of the listing earns the commission.

In the case of a sale, the seller is not obligated to notify any of the brokers that the property has been sold.

Unlike an exclusive listing, an open listing need not contain a definite termination date.

The listing terminates after a reasonable time, usually whatever is customary in the community. Either party can, in good faith, terminate the agency at will.

Some state license laws require all listings to contain definite expiration dates.

Note:

Take a look at this image. It is an example of an open listing. Imagine multiple for sale signs on one property. It reminds me of listings on some of the big online real estate portals with other agents advertised around someone else’s listing.

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