New Jersey Real Estate Practice Exam Free Practice Question
Which of the following statements regarding an open listing is correct?
Correct Answer: D
Rationale: An open listing requires a written agreement signed by the seller to be valid, which ensures clarity and legality in the transaction (Option D).
Option A is incorrect because open listings do not automatically renew; they require explicit action from the seller to continue.
Option B is misleading; in an open listing, only the broker who brings the buyer is entitled to a fee, not all brokers involved.
Option C is also incorrect; if the seller sells the property independently, they typically do not owe a commission to any broker under an open listing agreement.
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