What characterizes an open listing in real estate?

An open listing in real estate is characterized by the seller allowing multiple agents to market and sell their property. This means that several real estate professionals can represent the property simultaneously, and the seller is not committed to any one agent exclusively. The seller retains the right to sell the property on their own as well, which can motivate agents to secure buyers quickly, knowing they have to compete with each other as well as with the seller.

This arrangement is generally less binding than exclusive listings, where the seller grants a single agent the right to sell the property, thus ensuring that agent receives the commission regardless of who sells the property. The flexibility of an open listing can offer sellers a broader reach, but it can also result in less cohesive marketing efforts, as multiple agents may take different approaches.

The other options describe characteristics that do not align with open listings. For example, exclusive representation involves only one agent being responsible for the sale, while prohibiting advertising would not be a feature of any listing type, and the requirement for buyer pre-approval is unrelated to the listing type itself.