Yacht Brokers Practice Exam

An open listing agreement is characterized by offering the property for sale to multiple brokers without restricting the owner’s ability to sell the property themselves. The key element of an open listing is that the owner retains the right to negotiate independently, allowing them to work with various agents or sell the property on their own. This flexibility is a defining feature of open listings, distinguishing them from exclusive listings where the owner commits to a specific broker.

In contrast, the other options reflect characteristics typically associated with exclusive listings or arrangements that provide limited flexibility for the seller. For instance, an exclusive contract with one broker locks in the seller with a singular agent, which is not the case in an open listing. Similarly, the authority of a broker to set the price is usually part of a more formal arrangement where the broker is the sole agent. Lastly, a fixed commission rate implies a defined compensation agreement, which would not be standard in an open listing context where multiple brokers are involved and may have different commission structures.

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