California Real Estate Practice Exam

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Study for the California Real Estate Exam with confidence. Engage with interactive questions designed to enhance your understanding of real estate principles, laws, and practices. Prepare thoroughly for your licensing test and ensure you have the knowledge to succeed in your real estate career!

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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.