Word of the day
Unlike an exclusive listing, an open listing need not contain a definite termination date. The listing terminates after a reasonable time, usually whatever is customary in the community. Either party can, in good faith, terminate the agency at will. Note, however, that some state license laws require all listings to contain definite expiration dates.
This type of listing is often used by contractors or builders. Unless stated otherwise, a listing is treated as an open listing in the form of a unilateral contract.
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