Which statement best describes an "open listing"?

An "open listing" is characterized as a non-exclusive agreement allowing multiple brokers to represent the property for sale. This means that the property owner can engage multiple brokers at the same time, and the broker who successfully sells the property earns the commission. This flexibility encourages brokers to bring in potential buyers, but it also means that the owner is not tied to a single agent, which can be advantageous in a competitive market.

In contrast, a contract with only one broker would typically be described as an exclusive listing, limiting the seller to only one brokerage's representation. The options related to mandatory contracts or listings that cannot be sold do not align with the nature of an open listing, as it is fundamentally about the seller's freedom to work with multiple brokers simultaneously until the property is sold.