Contracts
Which of the following is a valid way to terminate a listing agreement in Nebraska before its expiration date?
ABy the seller verbally telling the agent they no longer want to list
BBy written mutual agreement of both the seller and the broker✓ Correct
CBy the seller listing with another broker
DBy the passage of 30 days without any showings
Explanation
A listing agreement (like any contract) can be terminated before expiration by mutual written consent of both parties (the seller and the broker). Unilateral cancellation may expose the canceling party to potential liability.
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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.
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