How does an open listing function with regard to property sales?

An open listing allows property owners the flexibility to sell their property independently while also marketing it through multiple brokers simultaneously. This type of listing means that the owner can engage numerous agents to advertise and show the property, which increases the chances of finding a buyer more quickly. If the owner sells the property directly without needing a broker's assistance, they do not owe any commission to a broker. However, if a broker brings in a buyer and sells the property, that broker would earn a commission. This model is typically less restrictive and provides the owner greater control over the sale process compared to exclusive listing agreements, where the sale is limited to one broker.

The other options do not accurately capture the nature of an open listing; for instance, stating that only one broker can sell the property misrepresents the open listing system, which involves multiple brokers. Asserting that the owner cannot sell the property themselves contradicts the essence of open listings, where owners retain the right to sell independently. Lastly, suggesting that all brokers get a commission regardless of the sale misunderstands the commission structure in open listings, where only the broker facilitating the sale receives payment.