What defines an open listing?

An open listing is a type of real estate listing that allows the property owner to engage multiple brokers to sell their property simultaneously. This means that any broker can be involved in marketing the property, and the owner is not restricted to a single broker. The key characteristic of an open listing is its non-exclusive nature, which enables the seller to work with several agents and generally pay a commission only to the broker who successfully finds a buyer. As a result, this arrangement creates a competitive environment, encouraging brokers to put forth their best efforts to sell the property.

The other options describe characteristics of different types of listings. For instance, a guaranteed commission arrangement relates to exclusive listings, where the agent is assured of a commission regardless of who sells the property. A single broker listing narrows down the engagement to just one broker, which actively contrasts with the open listing's flexibility. Lastly, offering exclusive rights to the seller is a hallmark of an exclusive right to sell agreement, which provides the broker with complete control over the sale and guarantees their commission regardless of how the buyer is found.