What is the key difference between "open listing" and "exclusive listing"?

The key difference between an open listing and an exclusive listing is indeed that an open listing allows multiple brokers to market and sell the property, while an exclusive listing grants the sole rights to one specific broker. This means that in an open listing scenario, the property owner can engage multiple real estate agents to find a buyer, and the agent who successfully sells the property receives the commission. This arrangement can lead to competitive efforts among various brokers.

In contrast, an exclusive listing creates a more formal relationship where only one broker has the right to sell the property. This approach often leads to more dedicated marketing efforts from that single broker, as they have guaranteed rights to the commission if the property sells during the listing period. The exclusivity can also encourage more strategic planning and marketing approaches since the broker is solely responsible for the success of the listing.

The differences mentioned in the other choices do not define the primary distinction between open and exclusive listings in the same fundamental way. The time limit of a listing or the property type specifics do not inherently differentiate the two listing agreements as significantly as the exclusivity of representation does. Additionally, while the formality of contracts is a factor, the overarching principle of exclusivity versus openness serves as the crucial determinant between these two types of listings