Final answer:
When an owner contracts with more than one broker simultaneously, they are offering each an open listing, which allows any number of brokers to market the property and the first to find a buyer earns the commission.
Step-by-step explanation:
An owner who gives more than one broker an employment contract at one time has given each of them an open listing. An open listing is a non-exclusive contract, allowing the owner to employ any number of brokers as agents. With an open listing, the first broker to secure a buyer ready, willing, and able to purchase at the terms of the listing, earns the commission. In contrast, an exclusive listing would mean that the seller has granted exclusive representation to a single broker, and a net listing is an agreement where the broker's commission is the difference between the sale price and the net amount the seller wants for the property, which can lead to a conflict of interest and is illegal in some states.