What is characterized as an unrestricted listing where multiple brokers can sell the property?

An open listing is characterized as an unrestricted agreement where multiple brokers can attempt to sell a property simultaneously. In this arrangement, the property owner does not commit exclusively to any particular broker, allowing various brokers to market the property. If any broker successfully brings a buyer to the table, they earn a commission from the sale. This flexibility is beneficial for property owners who want the widest possible exposure for their listings without being tied to a single agent.

In contrast, an exclusive agency listing and an exclusive right to sell listing create a more focused relationship between the property owner and a specific broker. With an exclusive agency listing, the seller allows only one broker the right to sell the property, but retains the right to sell it themselves without incurring a commission. An exclusive right to sell grants a singular broker the exclusive right to sell the property, ensuring that the broker receives a commission regardless of who sells it. A Multiple Listing Service (MLS) is not a type of listing agreement; rather, it is a system used by real estate brokers to share property listings and cooperate in the sale of properties.

Therefore, an open listing is correctly identified as the unrestricted option, permitting multiple brokers to sell the property without exclusivity.