Contracts
In Kentucky, a listing agreement is NOT terminated by:
APerformance (successful sale)
BMutual agreement of both parties
CA new buyer making an offer✓ Correct
DExpiration of the agreed term
Explanation
A new buyer submitting an offer does not terminate a listing agreement. Listings are terminated by performance, mutual agreement, expiration, destruction of the property, or death of a party.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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