California Real Estate Practice Exam

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Which type of listing agreement is a unilateral agreement?

Exclusive listing
Open listing
Net listing
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.