What is an open listing contract?

• A. A A verbal agreement that limits representation
• B. B A formal exclusive contract with one broker
• C. C Often a verbal agreement in which the owners give one or more brokers authority to find a buyer
• D. D A formal written contract with MLS restrictions

Answer: (C)

Open listing is a non-exclusive arrangement where the seller can work with multiple brokers and even sell the property themselves. The important idea is that no single broker is guaranteed exclusive rights, and typically, the broker who actually brings a ready, willing buyer earns the commission. Because these are often verbal, they’re understood as giving one or more brokers authority to find a buyer rather than tying the seller to one exclusive contract.

That’s why the description fits: it’s commonly a verbal agreement in which the owners authorize one or more brokers to find a buyer. In contrast, an exclusive contract binds the seller to one broker, and a written agreement with MLS restrictions implies exclusivity and formal terms, which open listings do not.