Question

An owner wants to sell his house and prefers to save the commission. He lists with a broker on the basis that if the property is sold by a broker, the broker is entitled to a commission, but if the owner sells his own property, he owes no commission. This is an_____.

Answer 1

Answer:

Open listing

Explanation:

Open listing is a form of non exclusive listing arrangement where a home owner list his property with more than one real estate broker and the broker who is able to get a successful buyer wins the commission.

This type of listing arrangement also allows the owner of the property to sell his property by himself and he owes nobody any commission.

Furthermore , in open listing , the owner may decide to sell his property independently without the engagement of an estate agent.