Question of the Day

Broker Carol took a 90-day exclusive agency listing to sell a property that was owned by Joe. After 30 days, Carol had not sold the property, so Joe decided to list the property with several brokers using open listings. Two weeks later, one of the brokers who had an open listing on the property completed a sale to new owners. In this situation, Joe most likely:

Explanation

An open listing is non-exclusive, meaning a commission would be owed to whoever is the procuring cause of the buyer. However, the original broker had signed an exclusive listing, which is why two commissions are owed �" one party usually can't "revoke" a signed contract. Commission would most likely be owed to the broker who brought the buyer under the open listing and to the original broker who signed the exclusive listing.

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