What is a similarity between an open listing and an exclusive-agency listing?

Study for the Washington Real Estate Fundamentals Rockwell Exam. Utilize flashcards, multiple choice questions with hints and explanations. Prepare thoroughly for your real estate career!

Multiple Choice

What is a similarity between an open listing and an exclusive-agency listing?

Explanation:
The key idea being tested is when a broker earns a commission under different listing agreements. In both open listings and exclusive-agency listings, the broker’s commission is earned only if a broker brings a buyer. If the seller themselves finds a buyer and completes the sale, no commission is due to the broker. So the shared feature is that payment depends on who procures the buyer, not automatically paid in all cases. The other options don’t describe this common rule: paying regardless ignores who brings the buyer; signing a buyer’s representation is not a defining trait of these listings; and having the broker as the exclusive agent is not true for open listings.

The key idea being tested is when a broker earns a commission under different listing agreements. In both open listings and exclusive-agency listings, the broker’s commission is earned only if a broker brings a buyer. If the seller themselves finds a buyer and completes the sale, no commission is due to the broker. So the shared feature is that payment depends on who procures the buyer, not automatically paid in all cases. The other options don’t describe this common rule: paying regardless ignores who brings the buyer; signing a buyer’s representation is not a defining trait of these listings; and having the broker as the exclusive agent is not true for open listings.

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