What is the main characteristic of an open listing?

An open listing is primarily characterized by allowing the property owner to engage multiple real estate agents or agencies to market and sell their property simultaneously. This means the owner has the flexibility to work with various brokers, and the first agent who brings a buyer to a successful closing is typically the one who earns the commission.

This approach is quite different from exclusive listings, where a single agency holds the primary rights to sell the property, limiting the owner's engagement with other agencies. The nature of open listings fosters competition among agents, as multiple agents will want to showcase the property effectively to secure a sale.

The other options reflect characteristics that do not align with the open listing format. For example, an open listing does not require all sales to funnel through one designated agency, nor does it dictate a fixed selling price as might occur in certain agreements.