Contracts
In Colorado, a listing agreement that automatically renews unless cancelled is called a(n):
AEvergreen clause✓ Correct
BAutomatic renewal clause
CSelf-renewing listing
DRollover agreement
Explanation
An evergreen clause in a listing agreement provides for automatic renewal for additional periods unless one party provides timely notice of cancellation. Colorado Real Estate Commission rules regulate the use of such clauses to protect sellers.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
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