Michigan Real Estate Salesperson Exam 2025 – 400 Free Practice Questions to Pass the Exam

The term that describes a situation where one principal may have more than one agent at the same time is an open listing. In this arrangement, the property owner can engage multiple real estate agents to sell their property, and agents earn a commission only if they bring a buyer to the transaction. This flexibility allows the property owner to explore various avenues for selling their home without being tied to a single agent.

An exclusive listing, on the other hand, means that only one agent has the right to sell the property, which restricts the seller from working with other agents. The exclusive right to sell is similar but ensures that the agent is entitled to a commission regardless of who sells the property, even if the owner finds a buyer. A net listing is a less common type of agreement where the commission is based on the amount over a specified amount that the agent sells the property for, but it doesn't pertain to having multiple agents.

Thus, the designation of an open listing aptly represents the scenario where a principal can engage multiple agents simultaneously.