Contracts
In Hawaii, the listing agreement's expiration date is important because:
AAfter expiration, the broker can still earn a commission on any sale
BThe broker's authority to represent the seller ends and the seller may list elsewhere✓ Correct
CThe property is automatically reduced in price
DThe MLS removes the listing immediately at expiration
Explanation
A listing agreement is a contract for a defined period. Upon expiration, the broker's authority to represent the seller terminates.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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