Humber/Ontario Real Estate Course 4 Exam Practice

What type of listing agreement is Seller Kiefer seeking if he wants to retain the right to sell his property himself without paying remuneration to the broker?

1. Exclusive Listing

2. MLS® Listing

3. Open Listing

4. Private Listing

5. Dual Listing

6. Co-listing

The correct answer is: MLS® Listing

In this scenario, the type of listing agreement that allows Seller Kiefer to retain the right to sell his property himself without having to pay the broker a commission is an open listing. An open listing is a non-exclusive agreement where the seller can list their property with multiple brokers and also have the option to sell the property on their own. This means that if the seller finds a buyer without the assistance of a broker, they do not owe any commission to the broker. This flexibility is what makes an open listing appealing to sellers who are willing to actively market their property themselves. In contrast, an exclusive listing would restrict the seller from selling the property independently without compensating the broker, as it grants the broker exclusive rights to market the property. The MLS® listing refers specifically to properties listed on the Multiple Listing Service, typically involving exclusive agreements with brokers. A private listing generally denotes a listing not publicly advertised, and dual listing and co-listing refer to arrangements involving multiple brokers or agents working together, which would not fit Kiefer's criteria. Thus, Kiefer is seeking an open listing to achieve his goal of having the option to sell independently without incurring a broker's fee.