Open Listing Agreement:(also known as a “simplelisting”or a “generallisting”)A type of listing agreement in which more than one broker may be employed to sell the property, but only the broker who is the procuring cause of the sale receives a commission. Additionally, the owner is not obligated to pay anyone a commission if the owner sells the property himself or herself; i.e., if no broker is the procuring cause of the sale. Open listings are often used by builders and developers who agree to pay a sales commission to any broker who procures a buyer for a house or lot in a designated subdivision. Owner's Bundle of Rights:The intangible ownership rights associated with real property rather than real estate, including the right to control the property within the framework of the law, the right of exclusion, the right of possession, the right of disposition, and the right of enjoyment. These rights are what distinguish real estate from real property; the latter notion includes these rights, whereas the former includes only the land and that which is permanently attached to it. Parcel:A piece of land or realty. Partial Claim:Financed by the FHA insurance fund, a one-time-only interest-free loan that brings a borrower’smortgage payments up to date. Passing Papers:A closing transaction in which the principals meet face-to-face and exchange documents. This phrase is sometimes also used informally to refer to closing in general, but it most accurately describes a closing in which the principals meet to exchange documents.