What defines an 'open listing'?

An open listing is defined as a type of listing agreement where the seller maintains the right to enlist multiple agents to sell their property. This arrangement allows the seller the flexibility to work with various agents simultaneously, creating a competitive environment among them. If any of the agents finds a buyer, that agent earns the commission on the sale.

This type of listing is typically less formal and does not guarantee exclusivity to any single agent, which is a key characteristic that distinguishes it from other listing agreements, such as exclusive right to sell listings or exclusive agency listings. The lack of exclusivity in open listings means that the seller has the freedom to pursue other avenues to sell their property, potentially leading to quicker sales if multiple agents are involved.

Other options describe different types of agreements or features that do not align with the concept of an open listing. For instance, exclusive listings tie the agent to the sale, while provisions regarding the length of agreements or pricing direction are not defining characteristics of an open listing specifically.