California Real Estate Practice Exam

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What type of listing is created when a homeowner offers compensation to any broker who brings a successful buyer?

Express bilateral open listing
Implied unilateral closed listing
Express unilateral open listing
Implied bilateral open listing

The correct answer is: Express unilateral open listing

An express bilateral open listing is incorrect because in this type of listing, both the homeowner and the broker must agree to the terms of the listing before any commission is paid. An implied unilateral closed listing is incorrect because it refers to a listing where the homeowner has only promised to pay the commission to one specific broker. An implied bilateral open listing is incorrect because in this type of listing, the parties have not explicitly agreed to the terms of the listing, but their actions imply an agreement. The correct answer, express unilateral open listing, refers to a listing where the homeowner promises to compensate any broker who brings a successful buyer, without requiring the broker to accept the terms. This type of listing is often used in competitive real estate markets to increase the chances of finding a buyer.