Contracts
In Minnesota, a listing agreement that has an expiration date that passes without a sale:
AAutomatically renews for another year
BExpires, terminating the broker's authority to represent the seller✓ Correct
CContinues until the seller formally cancels it
DBecomes an open listing
Explanation
When a listing agreement's expiration date passes without a sale in Minnesota, the agreement terminates automatically. The broker no longer has authority to act on the seller's behalf.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
Math Concepts
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