Which statement about open listings is true?

• A. They require exclusivity with a single broker
• B. They involve only one MLS member
• C. They are often a verbal agreement allowing one or more brokers to locate a buyer
• D. They guarantee the listing will sell quickly

Answer: (C)

Open listings are non-exclusive agreements that let the seller work with multiple brokers at the same time (and often even sell the property themselves). Because there’s no exclusivity, any broker can try to locate a buyer, and the arrangement is commonly verbal rather than a formal, single-broker contract. This is exactly why the statement describing a verbal agreement allowing one or more brokers to locate a buyer is true. Open listings don’t tie you to one MLS member and don’t guarantee a quick sale, since there’s no guaranteed market exposure or commitment from a single broker.