California Real Estate Practice Exam

Which type of listing agreement is a unilateral agreement?

1. Exclusive listing

2. Open listing

3. Net listing

4. Multiple listing

The correct answer is: Open listing

An open listing is a unilateral agreement because the seller is only responsible for paying commission to the first agent who successfully finds a buyer for the property. In contrast, an exclusive listing is a bilateral agreement where the seller agrees to work exclusively with one agent and compensate them regardless of who finds a buyer. A net listing is an agreement where the seller sets a minimum price they are willing to accept and the agent receives any amount above that price as commission, making it a type of exclusive listing. Finally, a multiple listing is a cooperation agreement between agents and does not involve direct compensation from the seller, making it an incorrect option. Therefore, only an open listing fits the criteria of being a unilateral agreement.